Three jobs are to go at Conister Trust in the Isle of Man with a further four being cut in the UK.

The news was revealed as Conister Financial Group Ltd announced a restructuring of its businesses in the UK and in the Island.

It follows a management review and will see the Group focus on Conister Trust’s operations in the Isle of Man.

The administrative functions of the Wigan and Peterborough offices will be re-located to the Island and those offices will close, resulting in four redundancies in the UK and three in the Isle of Man.

Outplacement counselling and support will be provided and the changes will lead to the creation of a new position within the company in the Island.

It’s hoped the role will be filled by a staff member affected by these changes.

Group Chief Executive Arron Banks said: ‘Following an extensive review by our new management of the Group’s UK operations and the impact of the worsening financial conditions on the mainland, we believe it is in the best interests of Conister Financial Group to restructure this part of our business.

‘We are giving those staff affected as much help, information and support as possible at this difficult time.

‘Our subsidiary, Conister Trust, as the oldest independent bank on the Isle of Man, continues to perform particularly well with our deposit book, now standing at ?64.9m, having grown by 14.3 per cent since June.

‘Our lending book also continues to perform well with minimal arrears and insurance premium financing has reached record levels.’