University Press axes 160 staff
A FLAGSHIP Cambridge firm has axed almost 160 jobs.
Workers at Cambridge University Press (CUP) - one of the oldest companies in the city - were told of the huge cuts yesterday.
They branded the decision "immoral" but the company defended its move, saying it had gone through "extremely difficult times" and this would not mean the end of 425 years of printing in Cambridge.
The devastating blow comes after the company announced that revenues have risen 40 per cent in six years.The cuts will see the firm's 170- strong press team at Cambridge Printing Services Ltd reduced to just 37 as it seeks to have books destined for the foreign market - which make up 80 per cent of its sales - printed abroad.
Workers at the press will now be involved in a 90-day consultation.A further 25 jobs will be axed at the Press's UK Education publishing business, which currently has 50 staff.
In the firm's annual report, it claims to have turned operating income losses of almost £7 million in 2001 into profits of £2 million last year.The news of job cuts amid robust sales has been branded a "disgrace" by Amicus, the print workers' union.One worker, who asked not to be named, said: "The whole thing is immoral."
In the company's annual report, out this month, bosses said 2007/8 was a "first-class year for the press with sales reaching £179.5 million" and "another year of market-leading growth, at 11.8 per cent".
Speaking yesterday (Wednesday, 21 January), chief executive Stephen Bourne said: "We know that this is an incredibly difficult time for those staff that are affected and we will be doing all we can to support them through these changes."
Read Raymond Brown's full story here.
And OUP US axes 60 positions. Read PW story here.
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