Hibu - the company behind the Yellow Pages directory - has confirmed it is starting a programme of "cost efficiencies and savings" as traditional revenue sources dry up.

Company bosses are keeping tight-lipped on where the axe will fall, but a source told The Chronicle up to 300 jobs could be at risk at its UK head office in Forbury Road.

In a statement the company said: "hibu continues to build the foundations for a new, highly competitive digital business, while also focusing on stabilising and securing our core directories’ business.

"To protect the future of the digital business at a time of continuing decline in our directories’ revenue we have today initiated a programme of cost efficiencies and savings across the company.

"We have also announced the cancellation of certain business initiatives as hibu focuses its proposition into sustainable, high potential sectors."

It continues: "Regrettably, as part of this process we anticipate a reduction in our overall workforce, focused primarily in non-sales functions across our geographic operations.

"Consultation and actions in this regard have commenced today. No further details are being announced at this time."