Belfast based Multi Development, the UK arm of Dutch property company Multi Corporation, has made a number of redundancies across all areas of its nationwide activity.

It has not disclosed exactly how many posts have been made redundant but it has halved its UK team in response to the downturn in the retail development sector and credit crunch.

The smaller team will continue to focus on managing existing retail assets such as SouthGate in Bath and Summer Row in Wolverhampton.

This recent action taken by Multi is similar to news emanating from all major companies in the retail development sector as the longer-term effects of the credit crunch start to kick in.

Paul Sargent, managing director at Multi, said: ‘This is a very difficult time for companies looking to stay viable businesses during the foreseeable future. Cost reductions and restructuring are essential considerations in such a dramatic economic downturn where the property market is in freefall.

‘Our team has almost halved in size but we can guarantee our joint venture partners and the local authorities that we work with that the quality of our product will not be compromised.’