Ascendant Group, the parent company of BELCO, has today announced that three employees at iFM Limited will lose their jobs after AG Holdings Limited agreed to purchase its indirect 40% stake from Black & McDonald Group Limited. Earlier this week, Ascendant Group announced ten redundacies at BELCO.
In correspondence distributed to all staff, Ms Uddin stated:
“Today we are announcing that we have reached an agreement with Black & McDonald Group Limited to purchase their indirect 40% stake in iFM Limited. We expect that this transaction will complete on March 17, 2017 at which time AG Holdings Limited will be the 100% owner of IFM Limited.
“The decision to make this purchase aligned with our strategic objectives. By bringing iFM Limited fully under the Ascendant Group umbrella, we anticipate that we will be able to drive increased focus on the business, efficiencies and synergies through shared services within the Group.
“This transaction will initially result in eight redundancies at iFM; however, as part of the agreement, five of these personnel will be offered employment with Black & McDonald (Bermuda) Limited. I would like to take this opportunity to thank them for their service and I wish them all the best in their future endeavours.
“Over the next few months we will conduct a review of the iFM business to ensure that we have a solid business plan and supporting structure in place.”