One of the North East’s fastest growing companies has announced more than 75 redundancies after saying the global economic climate has brought “unprecedented challenges”.
Energy broker Northern Gas and Power - which last year moved to the landmark Riga building at Gateshead Quays and has also associated operations overseas through its parent company Global Procurement Group - said it had started a redundancy process which was likely to affect around 77 people.
The company specialises in helping companies get lower energy bills, but has been affected by the crisis in the global energy sector that has seen most power suppliers remove cheaper deals and offer only rates allowed by national governments. The job losses come in stark contrast to an announcement this time last year where the company talked of creating 100 new jobs as it aimed to continue a rapid expansion.
