Business a.m. cuts 12 staff

LONDON - Business a.m, the Scottish financial newspaper, has confirmed 12 jobs, 10% of its workforce, have been axed after parent company Bonnier approved new budget proposals and a restructuring plan, which secured £8m in new financing.

It had been speculated that as many as 16 staff might lose their jobs.

Last month, Business a.m. editor and managing director John Penman and assistant managing director Anthony Jackson went to Stockholm to present a reworked 2002 budget and three-year business plan to the Bonnier press division board.

The proposals, which included the redundancies, were accepted and the funding awarded. Had the proposals been rejected, the tabloid daily faced almost certain closure.

The axed staff -- seven of them journalists -- learned of the job cuts on Thursday and left the company on Friday. The newspaper will also cut down on the number of freelances it employs, particularly foreign ones.

The title must achieve circulation of 15,000 next year and revenues slightly up on this year if it is to break even in 2005.

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