Bosses at electronics and maintenance products supplier Electrocomponents say they are cutting up to 70 jobs across the UK business with 140 going worldwide.

The company, headquartered at the Oxford Business Park, revealed its plans for a new “organisation structure” designed to save up to £8m a year after seeing its pre-tax profits for the half year to September 30 tumble by more than 30 per cent to £606.5m.

Spokesman Gerald Cross said he could not break down where the axe would fall. About 90 staff work in Oxford with others based at Corby and Nuneaton along with 16 trade centres across the country.

Earlier this year Electrocomponents won the Queen’s Award for Enterprise for continuous achievement in international trade.