Stepstone takes axe to offices and staff

UK office to close immediately...

Online recruitment company Stepstone is laying off 526 staff and closing unprofitable operations in 10 countries. In a statement to the London Stock Exchange, the company said: "The company's cash position, together with the current status of the financial and business markets, have lead the Board to decide that the company cannot sustain the current level of investment across Europe. "Therefore it has decided to reorganize the business around the best performing countries, exit a number of markets in which it continues to be loss making." A spokesman for the company said: "The UK is closing with immediate effect. I don't know what will happen with our creditors. We've been in discussions about a possible sale of the company but there is nothing definite at the moment." The company will keep its headquarters in Norway and operations in Belgium, Denmark and Germany, its best performing territories. Headcount will be reduced to just 350. Finland, Netherlands and Luxembourg, Norway and Sweden will also remain open. Colin Tenwick has been appointed CEO, he was previously general manager of Red Hat Linux. The news spells uncertainty for Channel 4's cricket coverage which Stepstone sponsored.