Eastern Eye, Britain's leading weekly catering to readers from the Indian sub-continent, has been sold to a rival publishing house after facing challenges due to the economic downturn.

Founded in 1989, Eastern Eye reported on the successes and problems of the Asian community. It also celebrated successful Asians in Asian Business Awards, a popular event in London's social and business circuit.

Eastern Eye sources told PTI that the weekly has been bought by the Asian Media & Marketing Group, founded by senior Gujarati journalist, Ramniklal Solanki, for an undisclosed amount.

The group publishes Garavi Gujarat, GG2 Life magazine, Asian Trader and other publications in the UK.

Eastern Eye was published by the Ethnic Media Group, which has also put up for sale 'New Nation', its publication catering to the Afro-Caribbean community.

Both publications faced plunging advertising revenues and years of falling circulation. Staff of Eastern Eye were informed of the sale by its management on Wednesday morning.

Solanki, 75, is the editor-in-chief of Asian media & Marketing Group. Honoured by Queen Elizabeth with a CBE, Solanki hails from Surat and arrived in Britain in the 1950s as a correspondent for Gujarati newspapers.

He has since founded and expanded a media group that has a range of titles in Gujarati and English.