Charterhouse Group International has announced its to lay off 78 people from its Ramsey operation.

It’s not yet clear which jobs are to go as the company says its Corporate and Trust division and UK Back Office Processing arms – both based in the town - will be unaffected.

In a statement today, the firm says the jobs will be lost over the next three months, and the staff reductions are necessary to safeguard the company’s future.

Speculation mounted earlier this year that the company could be hit hard by changes to IR35 tax rules in the UK, which might affect its niche business.

Chairman David Dean said the firm would continue to contribute to Ramsey’s economy, and no further comment would be made until after Easter.