Faber confirms eight roles to go

Faber confirms eight roles to go

Faber has confirmed that eight jobs will be lost from the company following a restructure.

The Bookseller reported earlier in the week that the publisher was in consultation with staff over a number of roles.

Chief executive Stephen Page said the net loss of eight roles was a result of a "particularly challenging" market in the UK for some parts of the company's publishing.

He said: "Changes in the UK market have impacted on our publishing and it has become necessary to reduce our expenditure. Our complete commitment to literature and quality books, as evidenced by 12 months during which our writers have won the Baileys Prize for Fiction (in partnership with Galley Beggar Press), the Costa Children’s Book Award, the T S Eliot Prize and the Folio Prize amongst others, remains our mission, but the modern market requires the company to adopt a different shape, and this restructure is part of a long term strategy aimed at ensuring that we are in the right position to deliver future success."

He added: "Our focus continues to be to publish a brilliant list and to creating a more global, consumer-oriented business, which is demonstrated by the reclaiming of our brand in the US and launching direct to consumer programmes including our recent Faber Membership scheme."

Faber's last results showed that for the year ending 31st March 2014, the independent publisher made a small operating loss of £5,000, down from a profit of £2.3m the prior year, with turnover standing at £16.3m, an 18% fall from the £20m recorded in 2013. Page described the results as "disappointing", but said the period had seen the business investing in the future.