Insurance giant Towergate is to cut back its central finance teams, putting 133 jobs at risk.

Redundancies will be split between its headquarters in Maidstone – where 67 people could be put out of work – and its team based in Leeds Airport West.

Staff affected will enter a 45-day consultation period, followed by individual meetings lasting 15 days.

The company, which is due to release its annual results on Thursday, said in a statement it “continues to focus on creating a finance function doing the right work in the right places and on building a sustainable, fit for future backbone to a transforming business”.

“We will now focus on making every effort to ensure that staff affected by this proposal are given all the support they need during this time of uncertainty,” it said.

Towergate, which employs 4,225 people across more than 100 offices, put 176 jobs at risk in its Manchester operations in January, although 80 staff were later found work at its sister company Autonet.

It claimed in August its turnaround plan was “ahead of schedule” after revealing earnings before interest, taxes and other charges fell 16.9% to £40.3 million in the six months to the end of June.

The firm, which also has offices in Sevenoaks and Faversham, the latter under the Capital and County brand, cut its staff costs by 5.2% to £89 million during that period.

It came under new ownership following a drastic restructure of its £1 billion debts in 2015 after making losses of more than £720 million the year before.

US private equity firm Madison Dearborn Partners became its second largest shareholder after acquiring a 23% of the business in September.

In July, it sold its majority interest in Broker Network to Highbridge Principal Strategies, which it said had strengthened its cash position.

In the same month, it was fined £2.6 million by the Financial Conduct Authority for allowing a £12.6 million shortfall to appear in its client and insurer bank accounts.