The chief executive of Connaught Compliance, based in Caerphilly, has admitted that job losses are likely.
In an interview with the Caerphilly Campaign, Connaught Compliance boss Mark Faulkner said: “We employ 350 people on the compliance side in Caerphilly and 14 as part of the training academy.
“Over the next 9-12 months the compliance business will be restructured.”
He said that IT, sales, HR and finance, which are based in Caerphilly, will be consolidated and that there would most likely be some reduction in staff.
Mr Faulkner did not say how the reduction in staff would happen.
Connaught was placed in the hands of administrators at KPMG last week along with its main division, Connaught Partnerships, after failing to secure further funding from its banks. Shares in the company, which had fallen by over 90% over the past three months, were suspended.
Connaught Compliance, a subsidiary of the main firm based at Caerphilly Business Park, was not placed into administration. The company’s Academy training arm, based at Gallagher Retail Park and owned by the parent firm has now been saved and is being operated by the Compliance division.