Managing director Nick Jaspan told HoldtheFrontPage the move meant going forward with the newspaper was too much of a financial risk.
He said: "It was more of a risk than it should have been or than any of us wanted.
"The problem was we were hemorrhaging cash in the first few months. We had 18 or 19 journalists and were geared up to a certain level, but advertisers took longer to come in."
A total of 26 staff have lost their jobs.
Paid-for sales had been between 10,500 and 12,000 a week, against a target of 20,000. Up to 7,000 copies were also given away each week at airports and through various property firms.
[Jaspan] admitted that visibility had been a problem, but said he still supported the idea of a region-wide newspaper.
He said: "I'd try it again without a doubt if I could raise the money.
"I will go to my grave adamant that there is a place for this paper.
"It is very sad and there were a few tears yesterday."
The Press Gazette notes:
The move was prompted by news this morning that one of the paper's backers had changed the conditions on a £200,000 financing package.
My sympathies are with Jaspan and all the journalists involved.