Scotland gains from M&G Prudential downsizing

M&G Prudential has pledged to move around 400 roles to Edinburgh, from Stirling, Reading, Chelmsford and London. Picture: Graham Flack

In a move that will bring a jobs boost to its Scottish operations, the insurance giant has announced it is consolidating its UK locations and placing its sites in Stirling and Edinburgh "at the heart of it its strategy", along with its London head office.

The group, which currently employs 1,300 staff in Scotland, will begin a phased move from its current seven sites across the UK to just three in 2025.

Around 400 roles will move to the company’s Wealth Solutions business in Edinburgh over the next 18 months from Stirling, Reading, Chelmsford and London.

The company will also "be investing millions of pounds" to upgrade its Stirling location.

An M&GP spokesperson said the move will give the firm "geographical access to the best talent and right skills" needed for its business.

The group said: “We are consolidating our existing property portfolio into fewer, more modern working locations to maximise operational efficiencies, align our ambitions, scale our business and ultimately deliver more to our customers.

"We will be making significant investments in our existing bases in Stirling and Edinburgh. Scotland is, and will remain, home to many of our colleagues and the intention is to increase the number we have there.

“Edinburgh is the UK’s largest financial services centre after London and one of the world’s top ten fintech hubs. As the Scottish base of Wealth Solutions, it gives us access to expertise and supports our transformation to a digital first business.

“We are also fully committed to Stirling and, alongside London and Edinburgh, it will be one of three centres for our UK operations."