Belvedere will cut around 50 jobs from its Moncigale unit

Belvedere will cut around 50 jobs from its Moncigale unit

The wine division of Belvédère-owned Marie Brizard has informed its works council of plans to cut 56 posts from a total workforce of 206.

The job losses, announced late last week, will come from Moncigale's bottling business for supermarkets' private label brands, which has been loss-making for some time. Both Marie Brizard and Moncigale are re-focusing their activities on their own brand labels.

Provision was made for the cutbacks at Moncigale in a rescue package for Belvedere that was approved by the commercial court of Nîmes earlier this year. 

The majority of the workers affected by the job losses are expected to accept voluntary redundancy, largely through retirement.

Last month, Oaktree Capital Management relinquished its entire stake in Belvédère, after it  became the company's major shareholder with a 38.09% holding.