THE Newport-based Wales Arts Review magazine has closed today after they were unsuccessful in securing funding.

A statement on their website confirmed the closure today:

"Dear Reader, It is with deep regret that we announce the closure of Wales Arts Review.

As some of you will know, our future depended on the support of the Welsh Books Council and their renewed criteria for magazine grants, as outlined by the Bianchi report in 2013. We entered an extremely robust application, and on Friday we were told that the Welsh Books Council was prepared to give us less than half of what we asked for.

We made it as clear as we could possibly make it, to leave the decision-makers at the Welsh Books Council in absolutely no doubt, that our future existence depended on us securing the funds outlined in our application.

Our application amounted to around £55,000. They offered us £20,000. There is no other interpretation of this offer, clear as we were, than as a decision made in order to close us down. And that is our only option.

It was stated in the boldest and clearest terms that an offer of £20,000 would be precisely an offer of nothing.

It is obviously, personally, very disappointing for our team, who have put blood, sweat and tears into Wales Arts Review over the last three years; but we have had an enormously satisfying time creating this journal, and we would like to thank each and every one of you who has given time and talent in support of our endeavour.

What we hope more than anything, as we say goodbye, is that the negativity and conservatism of the response from the Welsh Books Council does not deter other creative and passionate individuals from trying to achieve things such as what Wales Arts Review has achieved in future. You will have our full support if you are out there.

But for the moment, it seems Wales will have to make do with the status quo (precisely, incidentally, what the Bianchi Report argued against).

We promise you, that we did everything we could – and then some – to prove to the Welsh Books Council that we were worthy of their support. Unfortunately, it was not enough.

From the team at Wales Arts Review, we hope to see you around."

Professor M Wynn Thomas, chairman of the Books Council and chairman of the English-language Publishing Grants Panel, said: “In recent years there has been a great deal of discussion within the Welsh Books Council about English-language magazines.

“We were aware that the sector faces many challenges, including maintaining sales and reach, attracting new readers as well as considering the possibilities of digital publishing.

“We were keen to continue our support for the vital role played by magazines in featuring debate, analysis and, at their best, redefining our culture and so it was essential for the Books Council and the individual applicants to carefully consider those challenges.

“We are also all too aware of the difficult financial situation that we all face at present as well as the increasing pressures upon public spending.”