Insurance intermediary Towergate Insurance is reportedly planning to terminate 240 employees working at its accounting department, as it aims to integrate account functions into two centers.

The company, which has already dispatched notifications to informed staff who jobs at risk, is planning to consolidate accounts functions to two centers in Leeds and Maidstone.

A confidential internal announcement sent by Towergate group chief executive Mark Hodges was quoted by Insurance Times as saying, "These changes support the delivery of our strategy and have not been taken lightly.

"This is part of the continued transformation of the Towergate Group and the changes will enable more front line staff to focus their efforts on Towergate customers."

A Towergate spokeswoman told the news portal, "The centres of excellence will form an important part of our ongoing transformation of the business."

"The creation of dedicated and highly specialised teams will strengthen our finance function, providing operational benefits whilst enhancing the customer experience," the spokeswoman added.