Rail maintenance firm Jarvis is to axe 450 jobs due to a significant slowdown in workload.
The York-based firm said it had seen a “significant delay and reduction” in new projects and a drop in demand for rail machinery. Network Rail has delayed spending in its £4bn track renewals programme, the firm added.
Steven Norris, executive chairman of Jarvis, said: “It has been a painful process to absorb the impact of Network Rail’s sudden reduction in workload.”
Jarvis has 4,000 staff and 80 depots across the UK.