Lighthouse Group plans to shut its Exeter office after a strategic business review.
An announcement to the stock exchange said the review had considered several factors, including optimum locations for group operations, taking into account the where its principal wholly owned businesses - Lighthouse Financial Advice and LighthouseCarrwood - are based.
It also said the "availability of appropriately skilled labour" was a factor, as well as the upcoming end of leases on property in Exeter.
The work currently carried out in Exeter would be transferred to Stockport and Woodingdean before the end of March, next year, the firm said.
However, before a decision is finally taken as to whether or not to implement the proposal, and in order to comply with employment law requirements, a collective consultation process with employee representatives will be undertaken. Each employee affected will also be consulted individually.
Chief executive Malcolm Streatfield said: "This announcement comes as part of the group's ongoing work to rationalise and simplify its operational structure, as previously reported. With five locations nationwide, which have evolved as a result of the group's historic M&A activity, it is important for the board to assess the efficacy of its structure and, where appropriate, rationalise its operations.
"The operational efficiencies that would result if the proposal was implemented would benefit the overall group. As a result of the group's growing client base, particularly through its strong partnerships with affinity groups, staff from the Exeter office who did wish to apply to relocate to other offices would be able to do so."
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