Rebounding Energis to hire 100 new employees

Bank-rescued British telecoms group Energis said on Monday strong demand for its services in the last six months meant it would...

Bank-rescued British telecoms group Energis said on Monday strong demand for its services in the last six months meant it would create 100 new jobs, just over a year after slashing 400 positions in the UK.

Energis, taken over by its banks last year after huge debts over-stretched its finances, said the new jobs were the result of revenue growth and an increased focus in its business.

"The creation of these new roles reflects our commitment to providing customers with an unparalleled depth of support in the technical and service arenas," said John Pluthero, the former Freeserve head who took over as Energis chief executive in July.

In February last year, Energis unveiled a retreat from continental Europe to its home shores, along with 400 job cuts in Britain. Energis shares had collapsed the previous month after it issued a third profit warning in six months and warned that the earnings shortfall could breach its banking covenants.

The banks, owed around £700m ($1.1bn), took over in July as part of a restructuring. Shareholders in Energis, once worth £14bn, did not receive anything, though they will have rights to 7.5% of any realised value over £1.8bn if the company is sold or floated.

A group known as the Energis Shareholder Action Group (www.shareholderactiongroup.co.uk) is trying to raise £30,000 for legal advice about fighting the restructuring, and says it has already raised almost £26,500.

Energis said on Monday that in the last six months it had renewed contracts with Internet service providers Freeserve and Brightview and retail group Dixons, while winning two contracts with grocery store chain Tesco.

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