23 August 2014

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Free newspaper publisher goes bust with debts of £40k

The publisher of a fortnightly free newspaper on the South Coast has gone into administration with debts estimated at £40,000.

Seeker Photography, which traded as Seeker News, has ceased trading with immediate effect.

As reported by HTFP, Seeker Photography, a public relations and photography company, published the title first as a monthly magazine and then relaunched it as a fortnightly newspaper in May.

The Bournemouth-based paper employed four people including proprietor and editor Steve Cook and his wife Dawn but the rest of its contributors were self-employed.

“It is with regret that we’ve taken the decision to end publication of Seeker News with immediate effect,” said Steve.

“The support we’ve received from readers and advertisers has been wonderful and is greatly appreciated.

The publisher of Seeker News has gone into administration

“Unfortunately the industry-wide decline in revenues from advertising within print media meant that although the content and design of the paper delivered everything we set out to achieve, the commercial side of the operation struggled to keep pace with the growth of the publication.

“We have exciting plans for the future which I hope to confirm shortly. Thank you for all your support.”

As reported by HTFP, Seeker Photography, a public relations and photography company, published the title first as a monthly magazine and then relaunched it as a fortnightly newspaper in May.

Steve said the switch had come about because the market in Bournemouth had been “saturated” with magazines, and it made it difficult for his newsy publication to compete with the other high-advert, low-editorial products on the shelves – and said there was a demand for more newsy content.

The title, which had an initial print run of 10,000, was distributed mainly through supermarkets, leisure centres, hotels, cafes and hospitals in Bournemouth and Poole.

Mark Liddle, of insolvency specialist Mark Liddle Partnership Ltd, confirmed he was dealing with the administration process.

He said the company would be liquidated in the first week of November, when there would be a creditors’ meeting.

5 Comments

  1. Mike

    Sounds like a combination of naivety, poor market research and rank optimism. Not a good mix!

    Report this comment

  2. Craig

    Here’s the problem in one paragraph ..

    “The Bournemouth-based paper employed four people including proprietor and editor Steve Cook and his wife Dawn but the rest of its contributors were self-employed.”

    Far too many for a small, free publication. It’s not clear if the contributors were being paid too but even if not, the wage bill is much too high. Plenty of hyperlocal free publications are doing just fine.

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  3. LOL

    Odd how the get the public to write it, then charge them to advertise in it model didn’t work.

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  4. Peter, Bournemouth

    I actually thought Seeker was made by kids.
    Surly it reflects poorly on your business if you choose to advertise in it ?
    Its like putting a post it note on a dog poo to attract new customers !

    Report this comment

  5. Cynic

    “We have exciting plans for the future which I hope to confirm shortly”.

    Hopefully these will clear the debts of £40,000 presumably owed to other hardworking businesses?

    Report this comment



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