City AM, a free newspaper popular with London’s financial sector workers, is preparing to appoint administrators after putting itself up for sale earlier this month.
(Bloomberg) — City AM, a free newspaper popular with London’s financial sector workers, is preparing to appoint administrators after putting itself up for sale earlier this month.
The company is still in “advanced negotiations” with one potential investor, according to an internal email sent to staff and seen by Bloomberg News.
A deal could emerge from a so-called pre-pack administration, according to a person familiar with the situation. City AM is half-owned by co-founders Lawson Muncaster and Jens Torpe, while the other half is owned by a Dutch consortium.
Sky News reported Tuesday that BDO LLP, the accountancy firm, would start an insolvency process in the coming days. A spokesperson for BDO declined to comment when contacted by Bloomberg News.
The newspaper will continue to be published throughout the summer, according to people familiar with the situation.
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