Sunday Business editor steps down

LONDON - Sunday Business editor Nils Pratley is understood to be stepping down from the weekly business broadsheet, following a deal last week with the Press Association to secure the paper's future.

Sunday Business refused to confirm or deny Pratley's departure, but high-profile departures have been expected in the wake of the PA deal.



The deal with PA will allow the paper to continue publishing, but comes at a price. As many as 12 mostly editorial jobs will go and Sunday Business will outsource its production work to PA and move into its offices in Victoria.



The move allows the company to make significant cost savings, despite the fact that it is getting no special discounts from PA.



The deal with PA came after weeks of talks to find new investors in the paper, which was under threat of closure from its owners, the millionaire Barclay Brothers.



The paper's future was plunged into doubt when the newspaper racked up losses of £7.8m, making a major contribution to the Barclay brothers £13.5m full-year losses.



At the time the Barclays, who have invested £30m in the paper, told Sunday Business management to find a solution to the paper's financial problems or face closure.



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