Colt cuts jobs in move to 'growth' areas

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Colt is axing more than 200 staff as the business-focused telecoms company moves into growth areas such as cloud computing and IT and reduces involvement in "legacy" voice and data services.

The group will take an exceptional one-off charge of up to €33m (£27m), which should save up to €27m a year from 2014. As well as cutting "legacy" jobs, Colt is investing in new roles and staff retraining in growth areas.