11th-hour loan for `Sunday Business'
Saturday 20 April 1996
"The new finance covers this issue's printing and marketing, but it does not remove all problems. Pay will depend on the extent of new backing," a spokesman said.
The launch, which has been dogged by setbacks and already postponed once, was put in jeopardy earlier this week when the project lost its main potential backer. Payment difficulties led to both the main printer, West Ferry Printers, and the advertising agency, ARC Advertising, breaking links with Sunday Business in the past few days.
Frantic efforts by senior executives to find a fresh cash injection to carry through the launch weekend were said to have been rewarded in the early hours of Friday morning when an unnamed group of private individuals put up some money.
"It is enough to take us through the first issue, but there are still things to be tied up," said Anil Bhoyru, associate editor and co-founder of the paper along with Tom Rubython, editor.
Sunday Business said yesterday it had secured the services of a printer in Derby for the main section of the newspaper. West Ferry Printers, the joint venture between the Telegraph group and United News & Media, had demanded payment by Wednesday before agreeing to print 300,000 copies from the planned 580,000 run of the six-section paper. The money was not forthcoming and the contract was cancelled.
Sunday Business said it had rapidly put together a budget television advertisement with an unnamed media agency which it planned to show just before the launch. But a senior editor said last night even this limited campaign might not go ahead.
The original agency working with Sunday Business, ARC Advertisement, which has considerable experience in newspaper promotion, said it had pulled the plug earlier this week. "We ceased working for Sunday Business because there is no money to continue the project," said Tim Coton, business development director at ARC.
Last month, Sunday Business announced it would launch on 21 April and promised a "powerful mix of news, analysis, views and features written for people in business, finance and industry". But the withdrawal of the main potential backer last Tuesday, the Hinduja brothers, who run a Bombay- based international investment business, threw plans into last-minute disarray.
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
- 1 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 2 Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
- 3 Jimmy Carr's controversial Oscar Pistorius joke goes too far at the Q Awards
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 NHS staff banned from drinking tea or coffee on the job because it looks like they're not working hard enough
Renee Zellweger on plastic surgery: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nathan Cirillo: Final pictures emerge of soldier moments before he was shot dead by Ottowa gunman
Ottawa shootings: Terror strikes Canadian capital as attacks leave one soldier and one suspect dead
iJobs Money & Business
£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...
120-150k: Accountancy Action: We are looking for an experienced CFO from a min...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...