Scottish newspaper and magazine publisher DC Thomson has told staff 300 people could be made redundant to plug a £10 million gap in finances.

Staff were told last week of the cuts, which are expected to centre mainly on the company’s magazine portfolio.

Around half of the jobs expected to go will reportedly be at the Aceville publisher in Colchester, Essex, which was purchased by the company in 2018.

DC Thomson also owns the Press and Journal and Evening Express newspapers in Aberdeen and the Courier and Evening Telegraph in Dundee, as well as the Glasgow-based Sunday Post.

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It is not yet clear how many jobs in the company’s newspapers will be cut or from which titles.

The long-running Beano comic is also owned by the firm.

Rebecca Miskin, chief executive of the company’s media arm, said on Wednesday: “We will be announcing the closure of some well-loved titles, as well as the cessation of some commercial activities.

“This will mean losing some valued colleagues, something we deeply regret.

“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.”