Business newspaper City AM nears administration after month-long auction

Published

2 years ago

July 25, 2023

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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.

UK

Rachel Reeves to head to Washington amid hopes of US trade deal

Published

58 mins ago

April 22, 2025

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Rachel Reeves to head to Washington amid hopes of US trade deal

Rachel Reeves will pledge to “stand up for Britain’s national interest” as she heads to Washington DC amid hopes of a UK/US trade deal.

The chancellor will fly to the US capital for her spring meetings of the International Monetary Fund (IMF), the first of which began on Sunday.

During her three-day visit, Ms Reeves is set to hold meetings with G7, G20 and IMF counterparts about the changing global economy and is expected to make the case for open trade.

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Her visit comes after Donald Trump imposed blanket 10% tariffs on all imports into the US, including from the UK, and as talks about reaching a trade deal intensified.

The chancellor will also hold her first in-person meeting with her US counterpart, treasury secretary Scott Bessent, about striking a new trade agreement, which the UK hopes will take the sting out of Mr Trump’s tariffs.

In addition to the 10% levy on all goods imported to America from the UK, Mr Trump enacted a 25% levy on car imports.

Ms Reeves will also be hoping to encourage fellow European finance ministers to increase their defence spending and discuss the best ways to support Ukraine in its war against Russia.

Speaking ahead of her visit, Ms Reeves said: “The world has changed, and we are in a new era of global trade. I am in no doubt that the imposition of tariffs will have a profound impact on the global economy and the economy at home.

“This changing world is unsettling for families who are worried about the cost of living and businesses concerned about what tariffs will mean for them. But our task as a government is not to be knocked off course or to take rash action which risks undermining people’s security.

“Instead, we must rise to meet the moment and I will always act to defend British interests as part of our plan for change.

“We need a world economy that provides stability and fairness for businesses wanting to invest and trade, more trade and global partnerships between nations with shared interests, and security for working people who want to get on with their lives.”

UK

Murder arrest after woman stabbed to death in Enfield – as victim named

Published

7 hours ago

April 21, 2025

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Murder arrest after woman stabbed to death in Enfield - as victim named

A woman who was stabbed to death in north London has been named by police – as a man was arrested on suspicion of murder.

Pamela Munro, 45, was found with a stab wound and died at the scene in Ayley Croft, Enfield, on Saturday evening, the Metropolitan Police said.

A 29-year-old man was arrested on suspicion of murder on Monday and is in custody, the force added.

Detective Chief Inspector Neil John said: “Investigating officers have worked relentlessly across the weekend to investigate the circumstances around Pamela’s death.

“We continue to support her family who are understandably devastated.”

The Met Police has asked anyone with information or who was driving through Ayley Court between 6.30pm and 7.30pm on Saturday and may have dashcam footage to contact the force.

UK

‘British man’ dies after being dragged out of police station in Ecuador – reports

Published

7 hours ago

April 21, 2025

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'British man' dies after being dragged out of police station in Ecuador - reports

A “British man” has died after being beaten and set on fire by a mob in Ecuador, according to reports by media in the South American country.

According to reports, the man – who has not been officially identified – had been detained by police after being accused of being involved in a fatal shooting.

Ecuadorian news outlet Ecuavisa reported that the man had been taken to a police station Playas del Cuyabeno, a remote village in the Amazon rainforest.

While there, a group broke into the station and took the man away. He was then set on fire in the street, it is reported, and died from his burns.

Another local report, from EXTRA.ec, said that specialist police units had been slow to arrive due to the geographical conditions of the area – which is accessible by river.

According to reports, police officers at the station apparently decided they could not intervene when the mob arrived out of concerns for their own safety.

It is understood the UK Foreign Office is following up reports about the incident and working with local authorities to confirm the details.