Magnet confirms job cuts

20 Oct 2008

Telecoms, broadband and TV service provider Magnet Networks has confirmed it has implemented 11 redundancies out of a total workforce of 135.

A spokesperson for the company told that the lay-offs were in the areas of sales, marketing and back-office activities.

“To ensure the company is in a strong position entering into 2009, it is reducing its cost base in certain areas,” the spokesperson said.

“Every effort was made to keep staffing reductions to a minimum,” she added.

The spokesperson said that despite redundancies the company is still hiring engineers, and that there are five open vacancies to be filled.

Magnet Networks is owned by US investor Ken Petersen, who bought the transatlantic cable assets of 360 Networks after the technology crash of 2001 and established Hibernia Networks.

As well as providing broadband services of up to 50Mbps from 40 unbundled exchanges and TV services, the company provides PBX infrastructure, data connectivity and IP telephony to private and public sector organisations.

By John Kennedy

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years