Business event at risk following Reach cutbacks
Another of Scotland’s business gatherings could be lost as a result of cutbacks announced last week by Reach, owner of the Daily Record and Sunday Mail.
The 450 jobs being axed across the country are said to include a number in the company’s events team and that has raised doubts about the future of its annual Deals and Dealmakers dinner, usually held in Glasgow. One insider said it may now be “in jeopardy”.
Its loss would follow the cancellation of Scotland’s big EIE investor pitching event for early stage technology companies. EIE, delivered by The Bayes Centre, the University of Edinburgh’s innovation hub, has raised more than £1 billion since 2008, but was not held this year. There has been no decision on when, or if, it will return.
Reach, the FTSE 100 company formerly known as Trinity Mirror, is the largest commercial publisher in the UK and Ireland. It has been suffering from a decline in advertising revenue and last week announced the 450 job losses as part of a plan to reduce operating costs by 5-6% this year and next.
It owns more than 130 national and regional brands, across both print and online, including the Daily Mirror, Daily Express, Daily Star, Daily Record, Manchester Evening News, Liverpool Echo and online publications such as Insider, and Live sites in Aberdeen, Edinburgh and Glasgow.
In May 2022 Daily Business revealed that the Insider magazine, launched in 1984, would cease publication in print.
Reach has been contacted for comment.