Over-50s travel and insurance giant Saga has confirmed it is to cut a number of jobs.

A spokesperson for the travel company – which was formed and based in Folkestone – says it is “managing our cost base” as it continues to adapt after its business was decimated during the coronavirus pandemic.

It has declined to confirm exactly how many jobs are being cut – but confirmed it had “paused investment in some of our newer businesses and taken the difficult decision to cut a limited number of roles”.

It comes just weeks after its interim financial report revealed it was looking to slash “at least £15m per annum” off its central cost base as it looks to reduce its debt.

The company was hit hard by the pandemic which decimated its normally lucrative cruise ship business.

Changes in working practices – fuelled, the company says, by working from home – has seen it close its head office in Enbrook Park in Sandgate, near Folkestone, as well as disposing of a large call centre site in Thanet, close to Westwood Cross. It has also sold its office site in Folkestone town centre.

Announcing the decision to shut its head office from March 17, the company revealed that the site – designed and built to accommodate around 1,000 employees - saw approximately 120 people use the office more than twice a week.

Following the closure, the company announced a move into three new hubs – Discovery Park, Sandwich, Eureka Business Park in Trinity Road, Ashford and one in central London.

The following month, bosses agreed a new £50m loan deal with Sir Roger De Haan, son of original founder Sydney.

Sir Roger – who had become one of the richest men in the UK after selling the empire for £1.4 billion in 2004 – had already returned as chairman following the purchase of stocks for £100 million in 2020.

It comes after the company reported a sizeable loss due to changes in the insurance market.

A spokesperson for Saga said: “We have been managing our cost base and refocusing on our core businesses, to ensure we can continue to deliver business efficiencies and exceptional experiences for our customers.

“Against this backdrop, we have paused investment in some of our newer businesses and taken the difficult decision to cut a limited number of roles.”