Around 50 employees at an insurance company based in Andover are facing redundancy just weeks before Christmas, following a strategic review by its parent company.

Be Wiser, which was founded in Andover in 2007, was acquired by Atlanta Insurance in 2021.

It has now been revealed that Markerstudy Distribution, which is the parent company of Atlanta, has decided to reduce the staff strength at Be Wiser as part of a "thorough review of operations."

The move is set to affect around 50 roles.

READ MORE: Andover insurance broker Be Wiser bought by Ardonagh Group

A source, who wishes to stay anonymous, revealed that the redundancies are expected to take effect in late November, leaving many workers without employment at a difficult time of year.

The source described the layoffs as "heart-wrenching," suggesting that the decision is being driven by cost-cutting measures.

"The entirety of Be Wiser is going to be made redundant toward the end of November, leaving employees on their lonesome a month prior to Christmas," the source said.

They added that the company's move away from its Andover headquarters would significantly disrupt staff, many of whom are being let go as Atlanta Insurance consolidates its operations.

In response to the concerns, a spokesperson for Markerstudy Distribution, which owns both Be Wiser and Atlanta Insurance, confirmed the redundancies but maintained that the decision was part of a broader review aimed at adapting to challenging market conditions.

The spokesperson said: “In June this year, Be Wiser joined Markerstudy Distribution following an acquisition of parent company, Atlanta Insurance. Following this, a thorough review of operations has been undertaken to ensure the division is best placed to continue to meet customer needs and contribute to future success in challenging market conditions.

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"We can confirm that as part of this review, whilst we plan to retain a presence at our Andover office, approx. 50 roles have been placed at risk of redundancy. We are supporting our colleagues during this process."

Be Wiser, a once-thriving insurance provider, had long been a major employer in Andover.

The company was acquired by Atlanta Insurance as part of Markerstudy's continued expansion in the insurance sector.