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City AM, the London-based business newspaper, is close to calling in administrators after a weeks-long search for a buyer failed to produce a solvent deal.

Sky News has learnt that the directors of the title’s parent company are preparing to appoint BDO, the accountancy firm, to commence an insolvency process in the coming days.

Sources said on Tuesday that executives remained in discussions with prospective buyers of the nearly 18-year-old free sheet title, which saw advertising revenues hit hard by steep declines in commuter footfall as a result of the COVID-19 pandemic.

Soaring print costs have also exerted a toll on the finances of City AM and its rivals.

One insider said a pre-pack sale – in which administrators are appointed to a company prior to an immediate sale of some of its assets – was a strong possibility, with a notice of intention to appoint administrators likely this week.

City AM, which has been given away at hundreds of transport hubs and other locations in London and the home counties since 2005, has a daily print run of 70,000 and an audited circulation of more than 67,000.

The newspaper is 50%-owned by a group of Dutch investors, with 25% stakes held by Lawson Muncaster, managing director, and chief executive Jens Torpe.

Announcing the search for a buyer at the start of this month, Mr Muncaster said: “As London continues to bounce back from the pandemic, the time has come to think about the next chapter of City AM’s story.

“As a local paper at the heart of the financial universe, the brand is perfectly positioned to expand into new areas and develop new revenue streams that take advantage of the new media landscape.”

The hunt for a buyer was initially led by FRP Advisory, another specialist restructuring firm.

City AM says its website has up to two million monthly unique visitors, while its latest circulation figure is only 10,000 lower than pre-pandemic figures.

Edited by Andy Silvester – a former public relations executive at The Sun who joined in September 2019 – the newspaper added a four-letter anacronym to Britain’s business jargon, in reference to workers who turned up in the office only on Tuesdays, Wednesdays and Thursdays.

As a consequence of those changing commuter habits, City AM ceased publishing its Friday edition in January, resulting in it becoming a four-days-a-week title.

The newspaper employs just over 40 people across its editorial and commercial operations.

Douglas McCabe, a media analyst at Enders, was quoted earlier this month as saying: “If a buyer was going to put in money it’s because they believe they can do something with it as a digital brand.

“Free print media is tough.

“The pandemic has removed commuting in scale across the City across the five days but Brexit has also affected the paper’s corporate advertising.”

Mr Silvester and a BDO spokesman declined to comment.

City AM’s appointment of insolvency practitioners will come as The Daily Telegraph, its Sunday sister and The Spectator prepare to be put up for sale by receivers who were called in by Lloyds Banking Group last month.

Lloyds lost patience with the Telegraph’s former owners, the Barclay family, over a £1bn loan which has yet to be repaid.

Last week, Mike McTighe, a boardroom veteran who chairs Openreach, was named chairman of the Telegraph and Spectator’s respective parent companies.

Bankers will be hired imminently to conduct an auction of the titles.

Note: Mark Kleinman is a paid columnist for the City AM newspaper.

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Environmental impact of oil tanker collision depends on at least three things

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Environmental impact of oil tanker collision depends on at least three things

The crash involving a cargo ship and oil tanker off the East Yorkshire coast is bad news for the sea, fish and air in the area. What we don’t know yet is quite how bad it will be.

That depends on a few things – but the speed of the collision, clouds of filthy black smoke from the fires and the leaked fuel are certainly worrying.

Firstly, it matters what was on board those two massive vessels.

Follow live: Jet fuel spilling into sea after tanker collision

Tanker collision

Analytics firm Vortexa estimates the 183m-long tanker was carrying about 130,000 barrels of jet fuel (kerosene), which is now leaking into the sea.

Jet fuel is not as sticky or viscous as heavier types of oil, thankfully, so it’s less likely to clog the feathers and fur of birds and seals. It can also be broken down by natural bacteria.

But it can still poison fish and kill animals and plants on the shoreline if it makes its way into the soil there.

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The Marine Conservation Society has pointed out the site in the Humber estuary is close to some protected areas and is important for seabirds and harbour porpoises.

And both ships will have been powered by a dirtier, heavier kind of oil – likely marine gas oil or heavy fuel oil, though we don’t know the details yet.

Heavy fuel oil is nasty stuff.

Pic: Bartek Smialek/PA
Image:
Pic: Bartek Smialek/PA

Cheap, thick and tar-like, it can smother animals and is very dangerous if they consume it, and is extremely difficult to clean up. Let’s hope this isn’t creeping around the North Sea already.

We don’t know how much of either the jet fuel or the oil powering the ships has leaked, or how much will be burned off in the violent fires – which themselves are ploughing black smoke and filthy air pollution into the surrounding atmosphere.

And we don’t know for sure what was on the Solong cargo ship and if, or what, will go into the sea.

Cargo ship ‘had sodium cyanide on board’

It was carrying 15 containers of sodium cyanide among other cargo, according to a report from maritime data provider Lloyd’s List Intelligence.

The container vessel was also transporting an unknown quantity of alcohol, said the casualty report – an assessment of incidents at sea – citing a message from the local coastguard.

Plastic takes hundreds of years to break down, and potentially can choke or trap animals.

Many of us have seen that uncomfortable viral video of a turtle having a straw yanked out of its nose. Previous accidents on cargo ships have seen plastic Lego pieces wash up in Cornwall 25 years later.

Read more:
How UK North Sea platforms dump gas

Secondly, the impact depends on the sea and weather conditions around it.

Things like the wind and currents affect how an oil spill spreads in the sea. Scientists can draw up computer models to simulate how the oil could behave.

Thirdly, it matters how quickly this is all tackled and then cleaned up, if necessary, and if it can be.

Usually the slower the response, the worse the impact.

The coastguard has said the incident “remains ongoing” and it has started assessing the “likely counter pollution response” that will be required.

Such a response might need the help of numerous public bodies: the government environment department, the transport department, the Environment Agency and the Maritime and Coastguard Agency.

So for now the best we can hope for – aside from the welfare of the people involved – is that not all the oil is spilled or burnt, that conditions are calm and that rescuers and those cleaning up can work swiftly.

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Passengers travelling to Heathrow Airport face delays on M4 after car catches fire in tunnel

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Passengers travelling to Heathrow Airport face delays on M4 after car catches fire in tunnel

Passengers travelling to Heathrow Airport are facing delays on the road after a vehicle caught fire in a tunnel.

“Due to an earlier vehicle fire, road access to Terminals 2 and 3 is partially restricted,” the airport said in a post on X shortly before 7am.

“Passengers are advised to leave more time travelling to the airport and use public transport where possible.

“We apologise for the disruption caused.”

AA Roadwatch said one lane was closed and there was “queueing traffic” due to a vehicle fire on Tunnel Road “both ways from Terminals 2 and 3 to M4 Spur Road (Emirates roundabout)”.

“Congestion to the M4 back along the M4 Spur, and both sides on the A4. Down to one lane each way through one tunnel…,” it added.

National Highways: East said in an update: “Traffic officers have advised that the M4 southbound spur Heathrow in Greater London between the J4 and J4A has now been reopened.”

The agency warned of “severe delays on the approach” to the airport, recommended allowing extra time to get there and thanked travellers for their patience.

The London Fire Brigade said in a post on X just before at 7.51am it was called “just before 3am” to a car fire in a tunnel near HeathrowAirport.

“Firefighters attended and extinguished the fire, which involved a diesel-powered vehicle. No one was hurt and the airport has now confirmed the tunnel has re-opened.”

Travellers writing on social media reported constrasting experiences, with @ashleyark calling it “complete chaos on all surrounding roads”, but @ClaraCouchCASA said she “went to T5 and got the express to T3”, describing the journey as “very easy and no time delay at all. 7am this morning. Hope this helps others”.

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Man arrested on suspicion of murder after woman shot dead in Talbot Green, South Wales

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Man arrested on suspicion of murder after woman shot dead in Talbot Green, South Wales

A man has been arrested on suspicion of murder after a 40-year-old woman was shot dead in South Wales.

The woman was found with serious injuries just after 6pm on Sunday and died at the scene despite the efforts of emergency services.

She was discovered in the Green Park area of Talbot Green, a town about 15 miles west of Cardiff.

A 42-year-old local man is in police custody.

Detective Chief Inspector James Morris said: “I understand the concern this will cause the local community, and I want to reassure people that a team of experienced detectives are already working at pace to piece together the events of last night.”

Read more from Sky News:
Man charged after climbing Big Ben’s Elizabeth Tower
Murder charge over shooting of 16-year-old near station

South Wales Police said a number of crime scenes have been set up and road closures are in place.

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