More than 120 jobs - 15 based in Witham - are at risk after it was revealed part of the Sedgwick Group is to be sold off.

Parent group Marsh and McLennan announced plans to shed its Sedgwick Financial Services (SFS) division on Thursday.

There have been fears over Sedgwick's future sence the American insurance giant launched a successful £1 billion takeover bid last year.

The firm announced almost 40 job losses at the Newlands Road site in Witham last month after bosses decided to transfer its finance department to Docklands.

"Generous" compensation packages were being put together for staff unable to relocate and who could not be found alternative positions within the firm at Witham.

The sale of SFS will affect 15 posts in the town and more than 100 at the company's customer services centre in Norwich. SFS also operates a call centre in Wales.

A company spokesman claimed SFS was one of the UK's leading personal finance advisers, boasting more than 100,000 clients.

A company statement said the decision to offload part of the company followed a review.

An international investment banking group has been brought in to oversee the sell-off. The spokesman said they hoped to complete the sale "as soon as possible".

Sedgwick is Witham's biggest employer with a 700-strong workforce.

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