A Scottish news agency has closed down after 15 years with its proprietor predicting a similar fate for others in the future.

Edinburgh-based Newsflash was set up by former Sun and Mirror journalist Frank Gilbride, in Stirling, and at one stage employed around 20 staff covering the east of Scotland.

The currently financial climate of the industry has meant Newsflash has been forced to close, with five staff losing their jobs.

Frank told holdthefrontpage: “Closing is a general reflection of the state of the industry – everybody is counting costs.

“To use this analogy – the cake is getting smaller and more people are trying to feed off it.

“I think one man band agencies are the ones who are going to prosper.

“We have got overheads such as offices and everything that goes with it – pension plans, these types of things.

“But anybody working for themselves is going to be OK.

“We had some good times over the years and have been involved in some great stories.”

Frank said that probably the biggest story Newsflash covered was the Dunblane massacre in March, 1996.

“We were the first on the scene and it had a profound effect on my staff,” he said.

Frank, (42), will now draw on his extensive journalism experience as a freelancer but admits he is “playing it by ear” for the future.

Thanking his staff, he added: “I wish them all the best – they have been great over the years and I am sure they will be OK.

“They’re very talented and able people.”