CHANNEL Publications is to stop trading at the end of August. Twelve people in Guernsey will lose their jobs.

Declining advertising revenue and increased costs are being blamed for the closure of the publisher of weekly magazine 24SEVEN, monthly business title Enterprise and popular Perry’s Guide Maps.

But Cimandis, the manufacturing and distribution business of CI Traders, insisted that the move had nothing to do with the company’s takeover, concluded yesterday.

‘We are sad and disappointed that we have had to take this unavoidable decision,’ said Cimandis managing director Paul Luxon. ‘It’s a very regrettable decision forced by business reality.’

Another 12 jobs have been lost in Jersey, as well as those of some part-time distributors.

‘Advertising budgets have been cut back in both islands over the past 18 months or so in line with the general reduction in consumer spending and the possibility that we would have to make this difficult choice has been likely for some time.’

He said that staff had been kept informed. Mr Luxon was disappointed that there had not been enough advertising support for its ‘lively and attractive publications’.

All employees are being spoken to individually about the possibility of alternative employment within the organisation.

Those not re-employed should receive a redundancy package.

Some were still in shock yesterday but putting on a brave face.

‘It’s a sad day but I have to be philosophical and as one door closes, hopefully another one will open,’ said former Guernsey Press chief photographer Chris George, the picture editor, who has been with the magazine, formerly known as SEVENDAYS, since its formation four years ago.

Other staff yesterday were reluctant to speak about their job loss and referred the media to Mr Luxon.

The final edition of 24SEVEN, issue 215, will be published next week.