Virgin Media O2 plans £800m savings, with up to a quarter of staff at risk, amid customer losses and a £22bn debt pile

Summary

Virgin Media O2 has announced £800m in cost savings, including potentially cutting up to a quarter of its staff. The UK telecoms company, which offers broadband, TV, landline and mobile services, has lost 182,000 broadband and 644,000 mobile customers in two years, and it operates in an increasingly competitive market. It also carries a £22bn debt pile and faces a potential refinancing next year. Chief executive Mike Fries, who also leads co-owner Liberty Global, said "in our minds, anyway, this is not a crisis", and said the company had "nothing to add to where we sit today".

Timeline

1. The Guardian

   7 Nov 2026, 11:00 UTCSource ↗

   The Guardian reports that Virgin Media O2 has lost 182,000 broadband and 644,000 mobile customers in two years, has announced £800m in cost savings that could include cutting up to a quarter of staff, and faces questions over its £22bn debt pile and refinancing next year.