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."
Provides roofing services and safety system products such as slating, tiling, waterproof liquid roofing, over cladding, sheeting, felting, safety netting and guttering. Works with clients from sectors such as education, healthcare, national retail ch...
FREEHOLD
Air conditioning, heating & ventilation contractor offering consultancy, design, sales & installation to commercial, industrial & residential properties. Supplies & installs market leading products to SME’s & blue-chip customers operating in a range...
Supplies, services & maintains a range of vending equipment such as coffee machines, snack vending machines, cold drink machines, water coolers & slush machines. Companies involved in the supply, filling & servicing of food & drink vending machines,...
|
21
|
|
Nov
|
Buyer sought as North East contractor enters administration | ADMINISTRATION
A buyer is being sought for Pro-Fix Installations after the ...
|
20
|
|
Nov
|
Swindon waste-to-gas plant construction to resume after administration | ADMINISTRATION
An unfinished waste-to-gas facility in Swindon has secured &...
|
19
|
|
Nov
|
UK government set to approve Cobham takeover | BUSINESS SALE
The British government is poised to approve the $5 billion t...
Sign up to receive our acquisition alert emails to get your FREE guide
|
21
|
|
Nov
|
Buyer sought as North East contractor enters administration | ADMINISTRATION
A buyer is being sought for Pro-Fix Installations after the ...
|
20
|
|
Nov
|
Swindon waste-to-gas plant construction to resume after administration | ADMINISTRATION
An unfinished waste-to-gas facility in Swindon has secured &...
|
19
|
|
Nov
|
UK government set to approve Cobham takeover | BUSINESS SALE
The British government is poised to approve the $5 billion t...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources