Huge Group, the telecommunications investment company that attempted unsuccessfully to acquire software services company Adapt IT in a hostile takeover, is cutting jobs and restructuring its management team.

In a statement to investors, Huge Group said that following the implementation of a “portfolio-wide productivity and efficiency enhancement initiative”, the workforces of portfolio companies Huge Connect, Huge Platforms and Huge TNS, were recently amalgamated.

“This initiative focused on rightsizing these workforces to align with current business and economic conditions. Separation agreements were concluded with employees who were affected by this process,” Huge Group said, without disclosing how many staff were impacted.

“The amalgamation will result in cost savings for the next 12 months of circa R16-million (after accounting for separation costs), and thereafter, for each subsequent 12-month period of circa R32-million,” it said.

Management changes

Huge has also made management changes on the back of the restructuring:

Chantal Human, who has held various roles within Huge Group’s investment portfolio companies since 2019, most recently having served as the financial executive of Huge TNS, has been appointed in the dual capacity of financial director of Huge Connect and chief financial officer of Huge Group.
Rachelle Douglas, current financial manager of Huge Management Company, has been appointed as chief reporting officer.
The role of chief operating officer, which had been held by Zak van de Merwe since 2021, has been made redundant. Van de Merwe has been appointed instead as chief commercial officer, replacing Tamryn van Tonder, who has resigned.

Human and Douglas have been appointed to the board of directors, while Van de Merwe remains a director.

Huge Group was last trading at R1.50 on the JSE on Tuesday morning, unchanged from Monday’s close. In the past 12 months, the shares have slid by nearly 32% and are down nearly 60% over a three-year period. – © 2025 NewsCentral Media

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