Despite news that Sir Ray Tindle launched four new local papers last week, it appears that regional press is still not out of the financial woods just yet.

The Guardian has reported that neither the Regional Press Awards nor the Circulation, Editorial and Promotions awards will be going ahead this year.

The reasoning behind such a move is said to be due to the fact that the awards are not considered "viable" in such an economic climate, with several newspaper publishers declaring themselves unable to participate, despite the fact that the Wilmington Group (the name behind the Regional Press Awards awards) had offered to reduce entry fees and ticket prices.

The Guardian reported an entry price of £39 and ticket price of £130, which regional papers find themselves without the funds to pay.

Source: Guardian