The future of Sunday Business has been secured, it was announced today by Andrew Neil, its relieved publisher.
The paper will now move forward with a reduced staff and will become a single section newspaper focusing on business only. The announcement follows a three-year deal with The Press Association (PA).
The paper, backed by the Barclay family who are also owners of The Scotsman and Edinburgh Evening News, will move its operations into the PA news centre offices in London, which will see an increase in its use of PA copy.
A core editorial team will be retained at the paper but it will now use of PA’s page production facilities. The Sunday Investor supplement will be merged into the main body of the slimmed down 36-page publication while its magazine Business and Pleasure will be dropped.
The Barclay family have provided the working capital required to move the paper into profitability.
Andrew Neil said: “I am sad to have to loose staff at all and particularly unhappy to have to drop our excellent magazine. In the current grim economic climate we had to find ways to cut our costs to bring them closer into line with revenues to secure continued financing.
“I am delighted with our new agreement with PA, which has been essential to securing the paper’s future.”
He pledged to concentrate on what he believes is the title’s “unique” selling point of “distinctive and authoritative business coverage”.
Neil continued: “We have exciting and imaginative plans in place for the new year to allow us to expand readership and increase revenues. After all the uncertainty and the unfortunate need for redundancies it is a relief to know that the paper has been saved and its future is secure.”