Princes Street move
Scotsman titles find fifth home in ten years
The Scotsman and Edinburgh Evening News titles are on the move again with a move to offices in Princes Street.
Owner National World has taken serviced facilities adjacent to the tram stop and opposite The Mound.
It will be the fifth home for the city’s newspapers in the last decade. Since leaving Holyrood Road, it has operated from Morrison Street, Orchard Brae and the current WeWork offices in George Street. The move to the city’s principal shopping street is planned for January.
The offices are owned by Regus and have had numerous tenants, including the civil service and the Royal Bank of Scotland.
The building is regarded as a modern monstrosity that replaced the much-missed Life Association building, but its location will be welcomed by staff who believe newspapers should be in the heart of their patch.
There are six floors and a balcony with views over Princes Street Gardens towards the Royal Mile and Edinburgh Castle.
National World, led by former News of the World editor and Daily Mirror executive David Montgomery acquired the Edinburgh titles from a group of New York hedge funds in the final days of 2020.
It also took control of dozens of other regional and local papers in a cut-price £10.2 million deal.
Mr Montgomery quickly brought in new management and in February 2021 BBC executive Neil McIntosh was appointed editor.
Daily circulation of The Scotsman for July to December 2019 (Audit Bureau of Circulations) was 14,417 but for the half-year to June this year was 8,249 as more readers switch to online news. Excluding 205 paid multiple purchases, more than half (4,147) are now sold through subscription, against 3,897 who buy it over the counter.
Adjusted pre-tax profit at National World fell to £3.2 million in the half year to 1 July compared with £5.6m last year. Revenue came in 4% lower at £41.6m against £43.5m last time. Digital revenue grew 9% year-on-year to £8.9 million.