Free monthly newspaper City Matters has entered voluntary liquidation and put its assets up for sale, citing rising costs of “running a print business” and declining print ad revenue as reasons for closure.
The paper, which launched in 2016, aimed to “fill a local news gap” for the City of London which, at the time, had “no dedicated title”.
It has made its team of three redundant, comprising managing director Nick Chapman, full-time editor Angela Sharba and designer Steve Muscroft. Its circulation area included Fleet Street, the historic home of newspaper publishing in the UK.
Chapman told Press Gazette: “We managed to keep publishing for almost a decade despite facing a uniquely challenging backdrop: a tough advertising market, the uncertainty of Brexit, Covid lockdowns, recurring tube strikes, and the rising costs of running a print business.”
Chapman added “print costs, staffing costs, and the bulk of revenues coming from the print newspaper rather than the website” were also contributing factors to its downfall.
“Look at The Standard,” said Chapman. “For 200 odd years it was running [daily], and now produces a paper a week. That’s a massive brand with massive backing. Big players are hoovering up most of the money.
“I was hoping a publisher would come along with the right kind of investment – it might have been different with a bigger team.
“Ultimately, these pressures made it unsustainable to continue, but I’m hugely grateful to our talented team, loyal advertisers, and engaged readers who supported us along the way.”
The title distributed some 20,000 copies per week readers with content focused on “what workers and residents spend their money on” in the City, said Chapman.
City Matters published original content spanning news, business, food and drink, entertainment, wellness, property, travel, motoring and shopping helped by advertising support from local businesses.
At the time of closure the title was distributed in 30 locations around the city every Thursday.
‘Looking at phones instead of newspapers’
“You look on a train now, and even older people are sitting there looking at their phones rather than looking at newspapers,” Chapman continued.
“It’s been a privilege to serve the City, and while I’m closing this chapter, I’m excited to explore new opportunities where I can bring the same energy, leadership, and results that defined my time at City Matters.”
The about page for City Matters reads: “Our ethos is simple; to provide the great City of London with the community voice that it deserves.
“City Matters’ pages and digital platforms are packed with something for each of the thousands of people who call the City of London home, and the tens of thousands who commute to the heart of the Capital each and every day.”
In a post on Linkedin, Chapman said: “Sad to share that City Publishing Ltd (t/a City Matters) has ceased trading and gone into liquidation.
“As part of the process, the business assets including the brand’s intellectual property are now up for sale via a sealed bid tender through GJ Wisdom & Co.
“It’s a great opportunity for someone to relaunch a well known City of London newspaper and website.”
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