PENSION and life assurance firm Swiss Life is to close its Sevenoaks headquarters after it was bought in a £205million deal.

The firm, based in South Park, was bought by Resolution - which specialises in buying UK life funds - and will be merged with the Royal and Sun Alliance to form a new company, Phoenix Life Group, with offices in Liverpool and London.

It is understood the Sevenoaks office, which employed about 40 people, will close before the end of this year.

A spokesman for Resolution said: "There will be opportunities for employees to move to our other locations in Liverpool or London. This will not happen immediately, but over the course of the year in consultation with the staff.

"Regrettably, if there are not suitable roles available then there will be redundancies, but that will not be until the end of the year."