Modus cuts workforce as new structure takes shape

Manchester-based retail development specialist Modus is understood to have made nearly 30 staff redundant as part of its ongoing restructuring.

Modus declined to confirm the number of staff being laid off but one of the employees affected said 28 had gone during February.

Modus is currently reinventing itself as an asset manager advising banks and property private equity funds on their holdings.

It is also creating a food store and public sector division and another to hold its remaining shopping centres.

The company has had to halt schemes in Crewe, Wakefield and Newport due to the lack of credit in the market.

Modus has put its 50% stake in shopping centres held with developer Ciref up for sale.

The developer, headed by Brendan Flood, has completed major retail schemes in Blackpool and Wigan.

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