The Shetland Weekly has ceased publication after just nine issues, leaving its staff facing an uncertain future.

Managing director Maurice Mullay confirmed the paper has gone into receivership after failing to find its “financial footing”.

He declined to reveal the circulation of the title, which hit the streets for the last time on Wednesday, but said it had been “doing well” and that the decision to cease publication was due to a number of contributory factors.

He told HoldtheFrontPage: “We had to bend to the inevitable. We had an excellent product and a very talented team of reporters, but we just didn’t have time to find our financial footing.”

A statement from the paper’s directors said: “The Directors of Shetland Weekly Limited advises that the company have ceased trading.

“They regret that, after nine issues have been circulated, the popular newspaper cannot continue to provide fresh news and views in a modern format and provide an alternative outlet for local advertisers.”

The newspaper had a troubled start, delaying its launch after losing a number of its key staff just two weeks before the first edition had been due to be published.

Assistant editor Jonathan Sutherland and sub-editor Julia Currie were sacked after voicing concerns about staffing levels, and editor Richard Whitaker walked out a few days later.

Its publishers had hoped to give readers and advertisers an alternative to the established Shetland Times.