City AM takes a week off

London's daily free business newspaper City AM has taken the unusual step of not publishing for a week.

Phone calls to the office of editor David Parsley are met with a recording saying City AM staff are on holiday until Tuesday 29 August.

A City AM spokesman denied the move was taken because the title needed to cut costs.

He said: "City AM was always set up to target and deliver a City audience to advertisers. It is common place in countries like France and Sweden to shut down papers completely in July and August. Industry grinds to a halt, there's no one booking ads and the audiences go down by about 50 per cent."

He added: "At this time of year there are no financial results being announced or very few indeed, and many City people take their holidays around the August bank holiday, so if the audience is not there, there's no point in publishing a paper."

City AM is said to be ahead of its financial targets and is holding a party next month at Vinopolis in London to mark its first birthday.

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