Over 200 Jobs Lost as Insurance Company Goes Under

8th June, 2009

More than 200 individuals are to lose their jobs as Welsh insurance company Pure goes into liquidation.

Staff at Pure have reacted with anger, as no prior indication was given of the company being in trouble. One employee, Jade Phillips of Bridgend, told the Echo:

Phillips, who started working with Pure just five weeks ago, added: "Everyone is livid at the way this has been handled. We are all totally gobsmacked. I am owed around £1,300 but they have said I am not going to get paid now. I've just started renting a house because I thought I had got a job that would be safe."

Another worker confirmed that the sudden move had come as a shock to its 300 staff members, with only 70 people thought to have kept their jobs with the company.

When the news was finally announced by management at Pure, employees were told the company had gone into liquidation. A short message was also recorded on the company's answer phone, saying the company had ceased trading. According to Pure's website, the company currently has more than 100,000 customers, and specialises in various insurance products for travel, finance, and injury.

News of the company's failing arrives as various other UK insurance and finance industry companies prepare to cut jobs. Most recently, insurance giant Legal and General - specialising in investments, pensions, life cover and home insurance - announced it would cut 560 jobs. Meanwhile, insurance firm Royal Sun Alliance recently revealed plans to cut 500 posts by 2010 - predominantly from their Bristol site.

The finance industry has been suffering immensely in the face of the economic downturn, with many companies changing their structure, teaming up with other companies, or accepting bankruptcy.

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