National newspaper Sunday Business, owned by the reclusive Barclay twins, has been presented by the duo with an ultimatum: resolve the title’s financial problems or face the axe.
Following its fatally under-funded debut in 1997, Sunday Business was bought and relaunched by the hermitic brothers in 1998 – since when they have ploughed mega millions of pounds into the venture. This year alone it is forecast to lose some £9 million.
Managing director Paul Woolfenden (a former director of the Telegraph Group) has been on the stump for several months, prospecting for investors or a venture capital partner to fund a management buyout of the paper. In the interim, he has melded the Sunday Business ad sales team into that of his old employer.
The title’s ABC circulation slumped in the six months from March, down from 72,000 to 60,591: attributable says Woolfenden to the paper’s doubling of its cover price from 50p to £1.
News source: CampaignLive (UK)