GB News has announced a redundancy round with around 40 jobs set to be cut following heavy losses, it has been reported. 

It marks the first major round of cuts at the broadcaster, whose most recent accounts covering the year to May 2023, showed an operating loss of £42.4 million, according to the Press Gazette. 

Chief executive Angelos Frangopoulos announced the news on Friday afternoon with staff informed last week that some changes may result in the cutting of some roles.

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The business is currently appealing for staff open to taking voluntary redundancy to come forward, offering up to two months’ salary and possible payment in lieu of notice as enticement.

Speaking to the Press Gazette, one staffer said there was “a real ‘last days of Saigon’ vibe in the office right now”.

Speaking to the Lords Communications and Digital Committee last month, Frangopoulos said he was “very confident” GB News could become self-sufficient financially but added “we have a lot of work to do”.

The most recent company accounts for GB News put its staff headcount at an average of 295 across the year, up from 175 in the 2021/22 financial year.

A 40-person reduction would be equivalent to a 14% cut if the 295 figure remains correct.

GB News has faced a partial advertiser boycott since it first launched in August 2021 and created a paid membership scheme for the first time in November.

The channel was also forced to sack presenter Laurence Fox following comments he made on-air about a female journalist.

The actor-turned-politician made a series of personal remarks about political correspondent Ava Evans on the Dan Wootton Tonight programme on September 26.