Business a.m. cuts staff <BR>to win &pound;8m in funding

LONDON - Scottish financial daily Business a.m. is set to announce up to 16 job cuts from its 120 staff, as part of a restructuring plan to secure the title a further £8m in funding from Swedish parent company Bonnier.

Last week 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.

At the time Penman refused to consider the possibility that plans would be rejected and the tabloid closed. The gamble paid off with the news that the 2002 budget has been accepted, and the revised three-year business plan approved.

Penman said, "Business a.m. is still on course for profitability in 2005. In contrast to the rest of the newspaper industry, our advertising revenues are going up. December is likely to be our best ever month."

The exact number of job losses at the title are expected to be confirmed this afternoon. Staff are said to be learning their fate this morning.

Business a.m. launched September 20 last year. The paper uses the Berlinner format, which is longer than most British tabloids.

Claire Billings, recommends

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