Tuesday, March 7, 2023
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Bravura plans to downsize UK offices

Fintech and platform engine provider Bravura Solutions plans to downsize its UK offices as part of a global cost-cutting exercise, with some offices set to be cut altogether in Australia and New Zealand.

The company said it will close three offices and downsize a further six.

It has four UK offices in London, Edinburgh, Manchester and Tonbridge, although it has not yet detailed which may face downsizing.

It also plans to reduce its global workforce by up to 10% as part of the A$30m (£17m) cost-cutting programme, as it moves more work to existing teams in India and Poland.

The number of workers at the group climbed from 1,553 at 30 June 2022 to 1,637 by 31 December 2022 at 16 offices around Australia, New Zealand, United Kingdom, Europe, South Africa, and India.

That means that up to 160 of the company’s staff are facing the axe.

The international business acted after it made a net loss of A$190m (£170m) in the second half of last year.

That was down from a A$15m (£8.4m) profit it made in the same period a year earlier.

The firm, which is listed on the Australian Stock Exchange, underpins adviser platforms Nucleus, Fidelity, and M&G Wealth.

It has had to suspend its dividend to build up cashflow and has arranged a facility drawdown of A$9.5m (£5.3m) to fulfil working capital requirements.

It is also raising A$80m (£45m) in equity, which it hopes will provide “balance sheet flexibility” and “working capital.”

Libby Roy was appointed the company’s chief executive last June to oversee an “organisational change programme” which has led to the job cuts and office closure news.

She said: “The first half was undoubtedly a difficult period with our performance impacted by a number of operational and market‐related challenges.

“However, after conducting a wide‐ranging strategic review of our business and having taken some tough but necessary decisions, I believe we now have a plan in place that will allow us to better manage and monetise our suite of products and build on our strong customer base.”




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