European Will Close If A Buyer Is Not Found Within 90 Days

The Barclay brothers, owners of the troubled European weekly newspaper, have said that the title will be closed by the end of the year if a buyer is not found within the next ninety days.

European Press Holdings says that ongoing talks are being held with a number of potential buyers for the title, although it is understood that one of these, Bloomberg Business News, has pulled out of negotiations (see European Discussions Continue).

Aidan Barclay today said: “We have given unstinting support over a number of years to The European and have not seen any return on our investment. We have concluded that the publication might better prosper with another publisher, and we hope to conclude a sale within the next ninety days, failing which The European will, sadly, cease publication at the year-end. We regret having to make this decision. Investment in all our other titles will continue apace.”

Some staff will be offered jobs in Press Holdings’ other titles, the Sunday Business and the London editions of The Scotsman. The remaining staff will be given a redundancy package.

The European: 0171 418 7777