Financial weekly magazine The Business has been axed after 12 years. It will be replaced by a new monthly title, Spectator Business.
The magazine, owned by the Barclay brothers’ Press Holdings Media and published by Andrew Neil, will produce its last issue this week. A small number of redundancies are expected. It is reported that The Business failed to reach a circulation of over 50,000 copies, the number required for it to break even.
Press Holdings is launching the replacement monthly magazine under the umbrella of its successful Spectator title. The new magazine will be edited by Martin Vander Weyer, currently business editor of Spectator, when it launches this spring.
The move to close The Business comes just days after its business editor, Allister Heath, left to join the free London daily financial paper City AM, as editor.