The New Statesman staggers on (again)

The New Statesman continues to stagger on – with newly reported figures showing that the one-time “house organ of the Labour Party” remains, in terms of finances at least, as firmly in the red as ever.

While editor Tom McTague has landed a few scoops since getting his feet under the table in Holborn 18 months ago, it hasn’t translated into turning around the magazine’s ailing financial fortunes. New accounts just filed at Companies House report a £1.36m increase in ongoing losses at the magazine, its deficit rising from £19m in 2024 to £20.4m as at the end of 2025.

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A going concern note for New Statesman Limited, through which the magazine sells print and online advertising space as well as magazine subscriptions and event sponsorship said: “At the year end the company reported an operating loss of £1,356,425 and net liabilities at £20,378,665, which gives rise to a going concern risk… financial forecasts show that the business remains reliant on the continued support of the company’s ultimate controlling party.”

The magazine remains in hock to publishing tycoon Mike Danson, who is reported to have extended his interest-free line of credit from £11.5m to £12.7m. Interestingly, while the New Statesman’s accounts declined to report turnover, an annual sales figure is reported at parent firm Estel Media Holdco, into whose results it is consolidated.

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They, though, appear to be rather meagre, clocking in at £13.9m in sales for 2025. As well as the New Statesman, they include Progressive Luxury Publishing Limited, publishers of Elite Traveler and The World of Fine Wine and Spear Publishing Limited, which publishes the super-upmarket Spear’s Magazine.

Still, its financial woes didn’t prevent it from hosting a string of fringe events at the Labour Party Conference last weekend – along with hiring out the striking Museum of Liverpool to hold an opening reception for four hours on the Sunday evening.