By James Simons-
Over 100 staff are to be made redundant by Insurance and holidays group Saga.
The list of those to be made redundant include the editor of its monthly magazine, Kate Bravery and art director Paul Hayes-Watkins are among
The redundancies signal the end of the production of its magazine out of house to a customer publishing company. Saga plc sell holidays and insurance to the over 50’s.
Bravery has been the magazines editor for nine years, since 2008, and is reportedly distraught with the cut backs. Attempts by The Eye Of Media.Com to contact the redundant editor to be yielded no immediate results. The circulation of the magazine has dropped by over 300, 000 readers to its current readership of 288,947. Its price of £4 is believed to be one of the causes of the drop in its readership, double its original price five years ago.
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The Eye Of Media. Com heard that security staff at Saga’s HQ in Folkstone had to march staff out of the building in humiliating fashion- a sad and disappointing way to declare the death of the organisation.
Saga plc specialises in selling holidays and insurance to the over 50s.
The company appeared to be doing reasonably well up until now, commanding a revenue in 2017 of £871.3m , with increased profits before tax was by £193.3m, up £17.1m from the previous year. The company also run a successful cruise holidays business, is the biggest part of the business that generates £432m of revenue.
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A spokesman for Saga told The Eye Of Media.Com: “We can confirm that the difficult decision has been taken this week to make around 100 employees redundant across the business.
“This process is being managed sensitively with all of Saga’s impacted employees. We are consulting with all those affected and until this process is complete we are unable to confirm the changes that will be made.
“Like many companies, we review our structure on a regular basis and in taking this action our objective is to make the business more efficient, customer focused and sustainable in the long term.
“We have made good progress this year against our strategic priorities, including the launch of a membership programme to reward our customers and the agreement to build a second new ship.
“The changes we have made this week will allow us to invest further in future growth.”
It seems really sad that so many employees across various sections of the workforce are being made redundant very close to the Christmas period. Earlier today, Toy Ru’s announced it would be closing up to 26 stores, in the process making hundreds of staff redundant. What a sad way to end the year. Employees couldn’t have picked a worse time to make these announcements.
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