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."
Supplies uPVC windows and doors to home and small business owners in the UK. Operates from freehold premises. Excellent potential for continued growth. Our client is offering the business for sale to facilitate their retirement. Offers invited.
FREEHOLD
Offers are required by 5pm on Friday 24th April 2020. Long established personalised print company with UK wide educational sector clients. Over 30 years in the marketplace. Supply of personalised printed items/merchandise to UK educational organisati...
LEASEHOLD
Interested parties should be in a position to submit initial expressions of interest no later than 5pm on 17 April 2020. A unique opportunity to acquire a well-established designer and manufacturer of bespoke carpentry and joinery components.
LEASEHOLD
|
07
|
|
Apr
|
Treasury plan to save medium-sized businesses by taking emergency stakes | BUSINESS NEWS
The Treasury is understood to be considering user taxpayer m...
|
07
|
|
Apr
|
Clarks makes store closures and explores financing opportunities | COMMERCIAL PROPERTY
Footwear retailer Clarks has confirmed that it will close a ...
|
06
|
|
Apr
|
Cath Kidston set to enter administration | ADMINISTRATION
Clothing, accessories and homeware retailer Cath Kidston has...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Apr
|
Clarks makes store closures and explores financing opportunities | COMMERCIAL PROPERTY
Footwear retailer Clarks has confirmed that it will close a ...
|
07
|
|
Apr
|
Treasury plan to save medium-sized businesses by taking emergency stakes | BUSINESS NEWS
The Treasury is understood to be considering user taxpayer m...
|
06
|
|
Apr
|
Cath Kidston set to enter administration | ADMINISTRATION
Clothing, accessories and homeware retailer Cath Kidston has...
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