Isis culls workforce by 10%

UK mid-market private equity firm Isis Equity Partners will eliminate three positions.

Isis Equity Partners is to cut its workforce by 10 percent.

The UK-based mid-market company has a workforce of 29 across offices in London, Birmingham, Leeds and Manchester. The details of those leaving have not been disclosed, but a source said that the redundancies will be made across the four regions.

The firm focuses on investment in companies which are valued at between £5 million (€5.6 million; $7.2 million) and £75 million within the business services, financial services, consumer markets, healthcare, education, information technology and media sectors.

Isis completed around 10 deals during 2008, including the buyout of The Television Consultancy, a specialist broadcast and digital PR agency, for £10 million in July, and the acquisition of UK school playground developer Playforce for £7 million in January.

Isis joins the growing ranks of UK-based private equity firms which have made job cuts in the last two months. Firms that have done so include Cognetas, which cut 12 percent of its workforce; The Blackstone Group, which made 5 percent of its staff redundant; and 3i, which culled 15 percent of its back office staff.

Isis declined to comment.