NatMags to cut UK workforce by 15%

by John Reynolds, mediaweek.co.uk 26-Feb-09, 17:35

LONDON - The National Magazine Company is to slash 15% of its UK workforce, close to 100 jobs, in a dramatic attempt to reduce its cost base and meet the challenge of the tough economic climate.

The company, which publishes 20 magazines, including Good Housekeeping and Esquire, plus a further three titles in partnership with US publisher Rodale, says the job cuts will run across the entire UK business, including editorial and commercial.

Duncan Edwards, chief executive of NatMags, said the move was prompted by "dramatically worse business conditions than had been forecast six months ago".

In a statement, he added: "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."

The group also said further savings will be made by reductions in operating expenses, but did not give further details.

The owner of Cosmopolitan is the latest publisher to cut its cost base by reducing head count and follows rival IPC, which also cut jobs late last year.