Bloomberg Money and Finance Week close due to 'downturn in the market'

Three journalists were made redundant when Bloomberg Money magazine closed after almost nine years and 107 issues. Jobs and news website Finance Week has also been closed by its owner, Centaur Media plc.

Julian Marr, publisher and former editor of Bloomberg Money, blamed the closures on a downturn in the market.

He said: "It's a shame we're closing.

Consumer financial magazines are finding it very tough going at the moment, but it's been like that for about six years.

"Even with big backing, magazines have found it difficult. People just don't seem to want to read this stuff."

The magazine, aimed at private investors, suffered heavily after the stock market crash of 2000, following the dotcom boom.

It relaunched in February with an increased cover price of £3.85, but publisher Incisive Media plc decided the title was not profitable enough to keep open.

Meanwhile, six journalists and a publisher could lose their jobs at Finance Week, a website aimed at corporate accountants.

Centaur is in consultation with the staff, though it is understood that they may be found other jobs in the company.

Finance Week converted from a magazine to a website in February to cut costs, but failed to build on its audience figures, despite extensive promotion.

Centaur chief executive Geoff Wilmot said: "The expected return from this business does not justify the investment necessary."

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