Brooks Macdonald to axe 55 jobs in cost-cutting drive

The company said the organisational changes were designed to ensure it is "set up for success, organised to deliver its strategy and drive growth".

The move is expected to result in an annualised staff cost reduction of around £4m.

Brooks Macdonald said the cost of the changes is likely to be up to around £3m - a non-recurring expense which it intends to exclude from its reported underlying profit.

For FY24, the company still expects overall costs to grow in mid-single digits, in line with market expectations.

Chief executive Andrew Shepherd said: "As an ambitious business, we must respond to evolving market dynamics by taking difficult decisions that will regrettably affect some of our colleagues, but make the group stronger. Our guiding principles demand both that we tackle hard decisions head on, and that we care for and support our employees, and this will inform how we conduct the process.

"I am confident in the opportunity ahead of us thanks to the strength of relationships we have with intermediaries and clients, and the dedication and expertise of our people."