UK- Apax-backed Emap to cut 35 jobs

This move comes as no surprise, following just weeks after Apax wrote down its investment in the business to zero. The publishing group has been struggling as of late due to a downturn in advertising revenue. Chief executive David Gilbertson has attempted to bring costs down for the business, implementing measures including job cuts and cutting the size of all titles to A4.

The company has also recently lost one of its senior managers, co-chief executive of Emap Data and Insight, Neil Bradford. Bradford reportedly left to pursue other interests in the private equity industry. Gilbertson has taken over Bradford's role and is currently reviewing whether to appoint a replacement.

Despite all this, however, Apax has said that it could mark its investment in the business back up if markets improve, claiming that some resilience is offered by Emap's subscription-biased model.

Apax and the Guardian Media Group (GMG) paid more than £1bn for the company less than two years ago.

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