SIG to axe 900 jobs

SIG is cutting 7 per cent of its workforce and shutting 65 trading sites after warning that full-year profits will be at the bottom end of forecasts.

The announcement came the day after building supplies firm Wolseley said it was cutting 2,000 UK jobs.

Sheffield-based SIG said its UK and Ireland operation, which traded from 500 sites, would take the bulk of the cost-saving measures. It has a further 370 trading outlets in mainland Europe.

SIG said the measures should produce 25 million of cost savings in 2009.

In a statement, the company said: "It will be some time before the implications of the tighter liquidity and credit conditions now set to prevail well into 2009 become clear, but it is logical that these will not be without consequence for SIG's markets."