Member Article

Newcastle United sponsor Wonga to cut 325 jobs in restructure

Payday lender Wonga, sponsor of Newcastle United, is expected to axe 325 jobs in a restructuring move.

The jobs cuts means that Wonga will be halving the workforce supporting its UK business.

Offices in London, Dublin, Cape Town and Tel Aviv that currently employ a total of 650 people will be affected. Moreover, The Dublin and Tel Aviv offices are set for full closure.

Newcastle United agreed a four year sponsorship deal with Wonga in October 2012, it is expected that the deal will be unaffected by today’s developments although further cuts at Wonga could take place.

Wonga’s chairman Andy Haste told ITV: “Wonga can no longer sustain its high cost base which must be significantly reduced to reflect our evolving business and market.

“Regrettably, this means we’ve had to take tough but necessary decisions about the size of our workforce.

“We appreciate how difficult this period will be for all of our colleagues and we’ll support them throughout the consultation process.”