Redundancies warned at Meridian
REDUNDANCIES have been announced at Meridian audio systems in Latham Road, Huntingdon. Tim Ireland, chief executive officer, told The Hunts Post that employees had been told jobs were at risk across the company. The loss of 10 jobs is expected between n
REDUNDANCIES have been announced at Meridian audio systems in Latham Road, Huntingdon.
Tim Ireland, chief executive officer, told The Hunts Post that employees had been told jobs were "at risk" across the company. The loss of 10 jobs is expected between now and Christmas.
Mr Ireland said: "We planned for growth but growth has been half of that expected and we have to plan for the realities of the economic world and we have to look at cutting back our cost base."
Meridian, which has been in business for 32 years, makes customised audio and home cinema equipment that can cost as much as £150,000. It has just developed The Meridian 810 projector that will be customised for domestic use and costs £100,000. It has also just developed a home music system with Alfred Dunhill that will sell at £2,000 and is going well in Asia.
Investors in Meridian, which had a turnover of £10million last year, include a group called Muse, with five billionaires, including people from film and television production as well as financiers, internet giant Yahoo, the Australian-based Packer media empire, and South African Johan Rupert's Swiss-based Richemont, which owns luxury brands such as Cartier, Piaget, Montblanc and Dunhill.
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