A lack of advertising has caused the closing of Manchester's first regular business journal.
Crain's Manchester Business – which had a circulation of more than 11,500 business people in Greater Manchester – was closed by its US-based owner, Crain Communications, this week after they decide to stop their heavy spending on propping up the loss-making publication.
Senior vice-president of the Detroit-based publisher, Chris Crain, said, "Ultimately the limited support from key advertising sectors has made the project unsustainable."
The business journal was launched in August 2007, with the intention of it being the first of a series for cities across the UK. There was difficulty, however, weaning subscribers off the free deals and the same regional advertising drought that caused ITV to drop local news bulletins hit the journal hard. In its 3-year existence it had just 130 different advertisers.
Mr Crain praised the departing editorial and sales teams.
"Editor Stephen Brauner created a highly useful product that was met with great excitement from the Greater Manchester business community because it captured the must-know news and information for the coming business week," he said.
He added that, in the recessionary environment, the creativity, intelligence and sheer determination of associate publisher, Kathryn Toledano and her sales team provided a stabilising effect to the business even in its rockiest times.
