As reported on thisismoney.co.uk, and confirmed by brand founder Freddie Garland, Freddie’s Flowers, the online subscription service which raised over £50million of funds in July 2021, is instigating a series of redundancies across all divisions.
The company, which saw a pandemic driven boom in sales from some £26 million to over £45m, still has plenty of cash in the bank but with losses rising from £334k to over £4 million, action was clearly needed especially as staffing numbers had risen from 96 to 225 employees.
The process started in early July and is expected to be completed in mid-August as the company sees if it can deploy people in other areas.
The news however echoes the story at other leading subscription businesses, like Netflix, who are also seeing a drop in subscribers as costs rise and consumer confidence drops and emphasises the need to both constantly monitor and have an ever changing range.
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