Cube8, a TMT investment company, has announced major staff cuts in an effort to stay standing. Cube8’s finance director, John Winfield, recently left the team and group accountant Lucy Beverley has been promoted to finance director.
Steve Masters, director of marketing and communications at Cube8, does not rule out the possibility of a merger: “There are no firm plans as yet. We have had approaches from various firms, that we are not pursuing at the moment, although it is certainly possible, but not on the immediate horizon.”
For a firm like Cube8, he adds, a merger is logical, especially in this sector where there are many players lined up that are either collapsing or being swallowed by larger institutions. This, he says, is a natural development and is a classic case of survival of the fittest. Although it is a gradual process, the market is getting bigger as a whole, but with less companies operating in it.
Compared to the US, however he says the current situation in the UK is not so bad.