LONDON (Brand Republic) - Express Newspapers owner Richard Desmond is to axe 145 jobs following a strategic review of the business that could result in the centralisation of resources across group.
Desmond is said to be meeting today with union representatives to discuss his plans. He is said to have set aside £12.5m for redundancy payments, which are likely to be three weeks for every year of service.
The cuts are believed to be part of a massive cost saving strategy across the Daily Express, Sunday Express and Daily Star. Desmond hopes the savings will contribute to achieving operating profit at the group of £50m against £14m the year before.
Desmond bought the newspaper group in November from United Business Media and will abide by a condition of the sale to honour existing contractual obligations.
The National Union of Journalists, however, fears that new contracts will cut holiday from six weeks to four and reduce pensions contributions.
At an NUJ members鈥 meeting yesterday, Express Newspapers staff voted to oppose 鈥渂y all means at its disposal鈥 attempts to reduce journalist numbers, change terms and conditions and force journalists to work across titles without agreement.
It is expected that the library, picture desk and the Express office in Scotland will be among the casualties.