Administration announced for Oldham’s 160-year-old newspaper

Fri, 01 Sep 2017 | ADMINISTRATION

A newspaper in Greater Manchester published for the past 160 years will leave local shelves this week after its publisher announced it has entered administration.

Hirst, Kidd and Rennie Ltd, which has produced the Oldham Evening Chronicle since Queen Victoria was on the throne, has now ceased trading. Administrators KPMG said the company was hit by “the changing nature of the local media landscape”.

Established in 1854, the Chronicle was produced alongside four monthly titles - the Oldham Extra, Saddleworth Extra, Tameside Extra and the Dale Times - as well as three quarterly magazines: Oldham Business Edge, The Knowledge and Primary Knowledge.

It has been reported that the majority of the paper’s 49 permanent staff will be made redundant.

Hirst, Kidd and Rennie also ran another company, Reader Holidays, which promoted package deals in the travel sector.

KPMG has appointed Paul Flint and Jonathan Maston as joint administrators, who say they intend to find a buyer for the newspaper to “ensure its heritage will be preserved”. As yet, none has been found.

The accountancy firm also clarified that anyone who had paid deposits to Reader Holidays would be contacted by the administrators and refunded “in due course”.

Flint said that aside from disruption in the local media sector, an “increasing deficit” in the firm’s defined benefits pension scheme lead to it being wound up.

He added: “Unfortunately despite a rigorous sales process, a buyer for this longstanding paper has not been found and it's not commercially viable to continue operating."


Share this article



Latest Businesses for Sale

Online Embroidery & Clothing Printers
Leicestershire, UK Wide

Fantastic growing embroidery and clothing printers company. This is a relocatable business opportunity. Extensive list of fixtures and fittings. Offers invited.

Asking Price: £249,000
Turnover: £559,810

RELOCATABLE


Play Centre with Restaurant
Manchester, UK Wide

Upmarket restaurant and play centre based in Manchester. Affluent trading area. Beautifully presented throughout. Management team in place. Newly equipped in 2018. Offers invited.

Asking Price: £699,950
Turnover: £624,000

Restaurant
Manchester, UK Wide

Popular restaurant located in Media City, Manchester. Located close to BBC offices. Good public transport links. Offers invited.

Asking Price: £275,000
Turnover: £416,000


View more businesses for sale

News Search

Latest News

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

 
12
 
Jul
 

Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE

Blancco Technology Group, which provides a range of mobile d...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
16
 
Jul
 

Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE

A supply chain management company operating in the aviation ...

 
15
 
Jul
 

Specialist engineering firm forced to appoint administrators | ADMINISTRATION

Rail contracting company Aspin Group Limited has been forced...

 
12
 
Jul
 

Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE

Blancco Technology Group, which provides a range of mobile d...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources