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It is the second time the magazine has been closed, originally folding in 1992 before Al Fayed decided to revive the title in 1996.

The magazine, which was first published in 1841, will live on for a time at least on the web, but eight of the 12 staff are to be made redundant. It is reported that subscriptions at the magazine had fallen below 6,000 and that each issue cost around £40,000 to produce. Before it closed the first time around, it was selling little more than 30,000 copies.

Al Fayed said: "We will hope by this means to continue breaking important stories. I feel sorry for the team at Punch. It is a very sad day."

Punch was famous for its satirical sketches and cartoons sending up famous figures. Contributors have included PG Wodehouse and, latterly, Al Fayed, who writes a column called 'The Thoughts of Chairman Mo' for the fortnightly magazine. Other writers on the magazine include disgraced Tory MP Jerry Hayes and Philip Townsend, described as former "gentleman's gentleman to media mogul Rupert Murdoch".

Punch will maintain its library of more than 500,000 cartoons, along with the website.

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