Mr Barwell, who made his fortune in the newspaper business, has closed down his last remaining paper, the Aberdeen Independent, after 12 years.

He said: "It's still very difficult to establish a new paper. We've run it for 12 years and had a fantastic time, but it never made a profit.

"I can't believe for a minute that I'd be enticed by another paper now."

The newspaper was voted Scotland's best free weekly eight times during its 12-year existence.

It employed 30 full-time members of staff, including two reporters, one sub-editor and an editor.

All the staff were paid for their work up to the paper's final edition and some have already secured jobs elsewhere.

Senior staff at the paper are also hopeful a local business could step in to buy the paper.

The closure of Mr Barwell's newspaper comes at the same time he prepares to stand down as chairman of the WNDC.

This week he chaired his last board meeting as head of the group. He will officially leave the WNDC at the end of June.

During his last meeting, he said: "I've really enjoyed my three-and-a-half years with the group, it's been fantastic.

"It's sometimes difficult to get over to the general public exactly what we're trying to do. But I think this body will be judged by what happens in 20, 30 or even 40 years' time.

"And I will continue to be a real ambassador for the WNDC."

The Saints boss made his money after setting up a free newspaper, the Luton Herald, which eventually grew to cover other towns before he sold it in a multi-million pound deal. In September last year he announced he planned to step down from his position in charge of the Saints by 2009.