A financial services company based in Malta yesterday laid off 65 employees, after having made redundant another 35 workers in December, The Malta Independent has learnt.

Northway Group is a privately held global e-commerce organisation with its head office in The Plaza in Sliema.

This paper is informed that the company has been downsizing for the last couple of months, and is reducing its workforce by 80%. In November this paper was informed that the company had discharged 35 employees, but a company director had insisted that no decision had been taken at the time. This paper is reliably informed, however, that the 35 employees were informed about their dismissal a few days later, in early December.

According to our sources another group of employees was laid off last week and only yesterday, another 65 workers were made redundant. It is understood that the company had already laid off 25 people in August last year. Originally the company had around 180 employees.

Northway is an online cash advance company and offers small loans to clients in the US and UK. The firm has been operating in Malta since 2005 and has increased its workforce over the years.