Deepend to cut costs as the market dives

Deepend has confirmed it is cutting costs in the face of worsening conditions in the IT sector, but it has moved to quash rumours of widespread redundancies. ‘It’s been the toughest six months in our history,’ says Deep Group chief executive Gary Lockton.

Lockton confirms Deep Group made three people redundant about three months ago from its moving image team, due to ‘a lessening commitment to live action’.

No further redundancies are planned at Deep Group.

As a result of the cost-cutting, the group is to ‘mix up its disciplines a little’, says Lockton. The most obvious manifestation of this is the launch of a five-strong team, Deepend Worldwide, which will liaise between Deep Group’s seven worldwide offices.

The team will be headed by Fred Brown, who becomes chief executive, and Deepend managing director Peter Beech becomes Deepend Worldwide managing director. Nick Farnhill will replace Beech as Deepend managing director.

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