The owners of City AM have put the daily freesheet up for sale after a failed attempt to attract investment as it continues to reel from the impact of the Covid pandemic.

Bosses at the London financial paper have been in discussions over a potential investment by two foreign consortia in exchange for a minority stake in the business for a number of months.

They have now hired FRP Advisory to explore a sale, with executives said to be open to all offers.

City AM was a major victim of pandemic lockdowns and the shift to home working, which led to a slump in the number of commuters picking copies up. It moved to an online-only model in March 2020 and remained out of print for 18 months.

The title ceased printing on Fridays in January, blaming a dearth of bankers commuting into the Square Mile.

City AM currently reaches around 68,000 readers per day, according to the latest figures from the Audit Bureau of Circulation, a reduction of more than 10,000 from pre-pandemic numbers.

Its website attracts between 1.8 million and 2 million unique visitors per month.