Thring Townsend in double office closure

Thring Townsend Lee & Pembertons is to close two satellite offices as it attempts to stem redundancies by cutting overheads.

The firm is already in redundancy talks with 40 staff with a view to cutting between 18 and 20 jobs.

However, ;managing ­partner Thomas Sheppard said: “We want to put people before property and we’re looking at what we can do on all levels.”

The firm will close its Cirencester and Wiltshire offices and will move 25 people into its Swindon base.

The aim is to cut 5 per cent of its overheads bill, the equivalent of a saving of £1m.

The firm will also look at reversing partners’ lockstep positions and will not pay any bonuses.

“This is not a time for bonuses, that would be entirely selfish” Sheppard said. “It’s time for some to take a step back and not allow others to lose their jobs.”

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