The editor-in-chief of Trinity Mirror‘s new Edinburgh-based business newspaper and website, Business7, has said the title’s weekly free business model will help it avoid the fate of the short-lived Business AM, which closed in 2002.
Business AM was a paid-for daily publication launched by Swedish owner Bonnier in Scotland. It failed after two years due to financial problems.
Business7 editor-in-chief Alasdair Northrop, who is also editor-in-chief of Scottish Business Insider, told Press Gazette: ‘We are being compared to Business AM, but they failed because they overspent.
‘A lot of people miss Business AM and there was a gap in the market which we are filling.
‘We think the weekly format will work a lot better. We are investing a fair bit of money in it, but not huge sums in the way Business AM was. We will want to grow the product and we think there is huge potential for it.”
The Financial Times currently sells only around 5,000 copies in Scotland.
Northrop said: ‘Business7 is not for an FT audience, it’s for people working in business who might be looking for leads or to get a feel for what is happening in business and other sectors. It’s much easier than having to go out and pay £1.30 for the FT.
‘There are 265,000 companies in Scotland and they are not all covered by other media.”
Business7 has four dedicated members of staff, including part-time editor Jonathan Russell of Record PM. Northrop’s former deputy on the Scottish Business Insider, Erikka Askeland, is chief reporter.
The 24-page title will be distributed every Friday morning, with an initial print run of 20,000 available for pick-up from targeted businesses and key commuter points including mainline rail stations and airports.
London-based financial daily City AM is understood to be considering a Scotland launch.