INM cuts 564 jobs

Thursday 18 December 2003

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Independent News & Media has announced 564 redundancies, which it hopes will save it 13.2m (euro18.9m) annually.

It is likely that the losses will be from the groups operations in the UK, Ireland and South Africa, as its businesses in New Zealand and Australia have already been heavily restructured.

INM said that it plans to remove duplication across its pre-press, editorial and clerical operations, although no specific details are available.

The company is also considering moving some of its facilities to cheaper locations. The restructuring will have a one off charge of 37.5m.

Independent News & Media employs 800 in the UK, 1,200 in Ireland and 3,000 in South Africa. Last week the group sold its London-based regional newspapers to Argent Regional for 62m.

by John Davies

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