Atlantic Telecom jettisons 250 jobs

Oh dear

Half the jobs at Atlantic Telecom are to be axed following the appointment of administrators at the debt-ridden telecoms outfit.

Around 250 jobs are to go in Scotland, Manchester and London as PricewaterhouseCoopers (PwC) attempts to clear around £300 million owed to creditors.

A number of offers have been received for the business and PwC is currently assessing the viability of each one.

On Friday, Atlantic suspended its shares on the Stock Exchange "pending clarification of its financial position".

It's shares had fallen from heights of £13 to close at just 5p. ®

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