Up to 120 jobs are at risk at Sheffield insulation giant SIG after bosses unveiled plans to outsource the entire finance department.
A stunned member of staff contacted The Star after a 45-day consultation period was launched.
He said: “They are planning on moving the finance and collections office offshore with the risk of over 100 jobs to go. As you can imagine this is a huge shock for all involved, it’s bad news for Sheffield and Rotherham.”
SIG is based at Signet House on Europa View, Sheffield Business Park.
A spokeswoman said it was part of Group strategy to “enhance business processes and move towards digital solutions and automation.”
She added: “We’re currently reviewing options for the delivery of the Finance Shared Service Centre in the UK.
“In doing so, we have entered into a consultation period with a number of colleagues based in Sheffield. Until this, and any associated commercial processes have been fully completed, it would be inappropriate for us to comment further.”
SIG is Sheffield’s biggest company, employing 9,600 and with £2.9bn turnover. It made a £51m loss in the year to December.
Some 300 work in Signet House which is home to the HR, IT, property, fleet, and facilities departments.
The consultation comes after a troubled period for Sheffield’s biggest company.
In February, the FTSE 250-listed building products distributor admitted overstating profits by more than £6m over recent years. Suspended employees later left the business.
Deloitte was dumped as auditors after a shareholder vote at SIG’s AGM in May.
The accountants are now being investigated by the Financial Reporting Council.
EY has now been named auditor.
It is understood to have been the only Big Four firm to have pitched for the contract, which is worth about £1.6 million a year.
Smaller firms including BDO also pitched for the work.
CEO Meinie Oldersma took over in April to lead a turnaround of the business across Europe. Since then SIG has sold two non-core businesses.