Colleagues Direct Marketing has again quashed rumours that it plans to make any job cuts, despite fears that 50 redundancies could be made before Christmas.



The firm has blamed "fierce" competitors for spreading the rumours. "We will be calling them this afternoon [29 November]," said a spokesman.


The speculation follows Colleagues' recent loss of its contract with CGNU after the insurance group decided to take its printing in-house.


Two weeks ago, Colleagues managing director Stephanie Stanghon told PrintWeek that the group would "go forward and not make any changes this year" (PrintWeek, 17 November).


The firm does work for other finance firms like GE Capital and Barclaycard. It made a 3.3m profit on 55m turnover last year.