Majority of jobs saved at weekly newspapers group
Corporate recovery specialists Quantuma have rescued the titles at a local newspaper group which had fallen into administration.
Chris Newell, a partner at corporate recovery and business advisory firm Quantuma, was appointed administrator on Friday 14 July and has managed to save the majority of the jobs at the business.
He said: “I am pleased to report that we have been able to achieve two separate sales to third parties which has resulted in the majority of jobs being saved.
“There are various London titles which have not yet been sold which we are open to offers for and would welcome serious expressions of interest.”
The titles previously owned by Capital Media Newspapers Ltd have been sold to two new buyers. The group which was the subject of a management buyout in January 2016 has fallen into administration.
Capital Media Newspapers Ltd published titles including the South London Press, the Greenwich Mercury, the London Weekly News series, Pulmans Weekly News in Dorset and the “View from” titles based in Lyme Regis.
In January 2016, a team of local managers acquired the titles and established Capital Media Newspapers Ltd which operated from Penge, London, and Lyme Regis, Dorset.
The titles acquired included the South London Press, a bi-weekly newspaper first published in 1865 and the Greenwich Mercury, which dates from 1933.
Other titles include the Kensington & Chelsea News, Westminster & Pimlico News, Fulham Chronicle, Hammersmith Chronicle and Shepherd’s Bush Chronicle.
Now the London titles have been sold to Street Runner Ltd which is based in Little Heath, Romford, and the Dorset and south west titles have been sold to Sunday Independent owner Peter Masters who is also chairman and co-owner of Truro City Football Club.
Quantuma is one of the UK’s fastest growing corporate recovery and business advisory firms, with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.
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Notes to Editors
Quantuma LLP is a leading restructuring and insolvency practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.