A COLCHESTER magazine company could be set to lose about 150 members of staff as part of major cutbacks.

Media company DC Thomson has said 300 jobs in total will be lost as it tries to plug a £10 million gap by “reshaping its portfolio”.

The majority of jobs will be lost in the firm’s magazine sector with numerous titles closing.

About half of the jobs expected to go will reportedly be at the Aceville publisher in Colchester.

Echo: Redundancies - The Press and Journal is owned by DC ThomsonRedundancies - The Press and Journal is owned by DC Thomson (Image: PA)

The firm, which is based in Hawkins Road in the Hythe, was acquired in 2018.

Staff were told their jobs were at risk during a number of meetings on Wednesday, before being told the number of redundancies on Thursday morning.

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Staff have been told that news titles will not close, but a number of magazines will cease operations.

Rebecca Miskin, chief executive of DC Thomson’s media business, said the company “deeply regrets” the decision.

She said: “These moves are vital to set us up to thrive in the future and to respond to the difficult economic environment we are in.

“Until discussions have taken place with colleagues, we aren’t able to comment on the number of people or the titles which will be impacted.”