The move puts 45 jobs at risk as the company starts a redundancy consultation period.

Andrew Reynolds, Chief Executive of RLB UK, said: “The effects of COVID-19 continue to have an ongoing impact on our lives and the economy as a whole.

“Like many organisations, we are reviewing the long-term impact of the pandemic on our business, especially in light of the Bank of England recent forecast, to ensure the long-term stability of RLB in the UK.

“As part of this we have identified that up to 6% of the roles at RLB UK might be at risk of redundancy and have now commenced a redundancy consultation period with individual members of our staff.

“We will be working hard to avoid potential redundancies wherever this is possible.”