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."
This well-established scrap vehicle yard in Essex offers a unique opportunity to acquire a business with a significant stock of decommissioned parts and panels, alongside essential equipment such as forklifts and heavy demolition plant.
Opportunity to acquire a well-established engineering product and equipment distributor located in the heart of the West Midlands.
Presenting an exceptional opportunity to acquire a well-established specialist joinery business located in Southport, Merseyside.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.