Energis culls 400 jobs

Confirms sale of Euro ops

Energis is to axe 400 UK jobs in a bid to save £25 million a year.

The telco also confirms that it is to sell its continental European business, following a month-long strategic review.

National Grid Group plc – which owns around a third of Energis – said it could not be relied upon for additional financial support.

Investors were rocked by today’s news, sending Energis' share price to the floor.

By mid-afternoon Energis' share price had slumped 68 per cent to just 4.25p – down 9p.

Two years ago Energis’ shares were worth almost 800p. ®

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