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

Major Innovator of Job Search Technology & Related Platforms
East of England, UK

One of the top job search portals - developed in-house - with over 1m UK-based vacancies available from employers operating in nearly all sectors across the UK. Also develops & operates a series of complementary platforms & mobile apps for use within...

Asking Price: Offers Invited
Turnover: £3,400,000

Supply of Flanges, Butt Welds & Machining
UK Wide

Manufacture and supply of high quality, hard metal, flanges and butt welds with machining services. Enviable reputation. Niche offering. Long standing relationships with suppliers. In-house manufacturing capabilities. Diverse client base including m...

Asking Price: Offers Invited
Turnover: £1,100,000

Road Surfacing & Civil Engineering Contractor
Scotland, UK

Public and private sector road surfacing and civil engineering contractor with a prestigious Royal Warrant for Road Maintenance. Provides roadworks, groundworks and civil engineering services. Diverse customer base including Royal Estates, local auth...

Asking Price: Offers Invited
Turnover: £3,800,000


View more businesses for sale

News Search

Latest News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

 
17
 
Jan
 

Fine paper business enters administration | ADMINISTRATION

Arjowiggins UK, which operates a number of trading companies...

 
15
 
Jan
 

Hawk Plant enters administration | ADMINISTRATION

The Shropshire company, that has previously undertaken landm...

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