Newspaper group to close division in North

British newspaper publisher Trinity Mirror is to dispose of its newspaper division in Northern Ireland as part of a company-wide restructuring plan which will axe 550 jobs.

The company's division in Northern Ireland includes the Derry Journal and Century Press & Publishing, which prints The Newsletter in Belfast.

The news follows a review of the business by new chief executive Sly Bailey.

The company, which publishes national UK titles including the Daily Mirror and has a portfolio of about 260 regional newspapers, said it was looking to achieve annual cost savings of £25m (€35.5m) by 2005.

Trinity said costs would be reduced “significantly” in most business areas, including through the centralisation of finance, human resources and IT functions.

Ms Bailey, who joined the company from magazine publisher IPC Media, said the job cuts formed a three-phase programme to stabilise, revitalise and then grow the business.

The review confirmed the future of Trinity’s national titles within the group, although the company said the division needed to be “far more robust”.

Ms Bailey said: “My vision for Trinity Mirror is to unlock its hidden potential for growth. The actions I am putting in place will transform our business so that its value as a whole is undeniably more than the sum of the parts.”