AN INTERNATIONAL company with a base on Wrexham Industrial Estate is to close with the loss of up to 300 jobs.

Refinitiv, formerly the Financial and Risk business of Thomas Reuters, operates from the Redwither Tower, a building owned by Wrexham Council.

A spokesman for the firm said: "As Refinitiv stands up as a new, standalone organisation focused on financial markets, we want to ensure we have the right people in the right places to drive results for our customers in a highly competitive environment.

"As a result we intend to close our site in Wrexham.

"We recognise the impact this would have on the Wrexham community and we are in close dialogue with our Wrexham-based colleagues and their representatives.

"We are committed to ensuring those affected are properly supported through this process.”

The spokesman added a consultation process will now take place and that no decision has been made about when the site will close.

Speaking from London, an angry Ian Lucas, MP for Wrexham, said: "I am shocked and disappointed by the way a loyal and skilled workforce is being cast aside and have communicated my opinion of the business direct to them this afternoon.

"I do hope they carry out their statutory obligations from now on and I think they will come to regret treating loyal employees in this way."

Cllr Terry Evans, Wrexham Council's lead member for economy, said: “It’s really sad for the workers to lose their jobs, especially coming up to Christmas.

"It’s going to hurt a lot of families because 300 is such a high number.

“The economic team will be working with them, doing all they possibly can and we wish them all the best in finding new employment.”

Council leader Mark Pritchard said the announcement was "devastating". He added: “They are well paid jobs too and they’re a good company which we worked with in the early days to locate them within Redwither Tower.

"Any loss of jobs is disappointing, but with the volume being up to potentially 300, it is even more so.

“Our thoughts at this time are with all the employees and we will do everything we can as a council to work with the company if they need any help or assistance to continue to operate within Wrexham and to see if its possible to save at least some of those jobs."