The Fly is set for a “new phase” of life despite the magazine being closed by owners MAMA Group last week, according to editor JJ Dunning.

Ownership of the independent magazine’s brand has been taken on by Dunning, who is currently looking for investors to secure its future.

Its closure was “a result of current market conditions surrounding publishing,” said a statement from live music promoter and venue MAMA.

A free magazine given out in venues, pubs and retailers, ...