The world’s largest drink producer, Diageo is reported to be planning to shed around 400 jobs at its head office in London, as part of plans to save £500m by 2019.
The company is aiming to cut overheads with the intention of reinvesting two thirds of the savings into other areas of the business. It has rround 1,500 members of staff are currently based at Diageo’s London offices.
The group posted its preliminary end of year results to 30 June earlier this year, reporting net profits of £2.24bn down by 6% from £2.38bn a year earlier. Organic net sales grew by 2.8%, although reported net sales declined 3% to £10.4bn.