Future ditches 140 UK jobs

Wants to save £8.5m a year

By Tim Richardson • Get more from this author

Posted in Business, 13th July 2001 11:39 GMT

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Bath-based Internet and computer magazine publisher - the Future Network plc - has axed 140 jobs from its UK operation in a bloody Friday-the-thirteenth cull.

The losses are understood to come from across Future's operation in a bid to help save the company around £8.5 million a year.

Centralised support staff and workers in Future's Internet division and magazine titles have been hardest hit in the cull, although no specific details have emerged yet.

A spokeswoman for the company said none of the company's titles would shut as a result of today's action.

Earlier in the year Future closed 20 loss-making titles in the first phase of restructuring and shed some 350 jobs.

In a statement, Future's COO, Colin Morrison, said: "This restructuring and decentralisation plan simplifies our business, and will improve our focus, agility and control."

Future today announced the completion of the sale of its title Business 2.0 to eCompany Now Inc, a wholly owned subsidiary of AOL Time Warner Inc, for £48.8 million ($68 million). ®

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