The accountant acting as administrator for the Press Gazette has let it be known that he will not fund further issues of the magazine after this week. Staff at the industry's trade magazine who have loyally worked on a week-to-week basis since the company went into administration are now contemplating the possibility of having no job from Monday.
The administrator, Robert Allen of Vantage, is said to be frustrated by the lack of concrete action from the national newspaper consortium which, although it has drawn up a business plan, has yet to make it clear whether it is genuinely prepared to purchase the magazine.
As I reported last Thursday, there may yet be a trade buyer. Foremost among those interested is one of the magazine's former owners, Timothy Benn, who - with his wife, Christina - has been in contact with Allen through an agent.
Allen has previously spoken of "a number of potential buyers". But it remains unclear whether, aside from the Benns, there are any other likely bidders. Hence Allen's concern about the viability of the consortium deal.
