NatMags to slash 15% of UK workforce

The National Magazine Company is set to cut its UK workforce by 15%, around 100 jobs, in a bit to reduce costs as the economic downturn continues.

The magazine publisher, which is home to 20 titles including Good Housekeeping and Esquire, said the redundancies will affect all areas of its UK business, including both editorial and commercial.

NatMags’ chief executive Duncan Edwards said the jobs cuts were prompted by “dramatically worse business conditions that had been forecast six months ago”.

“These are the worst conditions we have faced in my 20 years at NatMags and the impact to the revenue side of our business is largely outside of our control,” he added.

The publishing group also plans to make further savings by reducing operating expenses.