Knight Frank is making between 15 and 20 of its 70 UK commercial graduates redundant.

The graduates have been informed today and will be interviewed tomorrow for the remaining posts.

The redundancies will come from the London-based graduates in their second year.

Alistair Elliott head of the commercial division, said: ‘We recruited for a different market and in the light of the current economic and property environment have decided to reduce this probably by 15 to 20 people, mostly in London.

‘The decision has just started and the consultation period will begin over the next few days, and that number will sadly have to leave.

‘There will still be 50 graduates. The graduate scheme is the lifeblood of our business and I don’t intend to see it fail.’