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Sunday, January 20, 2019

Staff will get paid and should turn up to work as usual – Johnston Press

Johnston Press has moved to reassure staff in Northern Ireland after last night’s news that the company is to enter administration.

It publishes more than 200 titles across the UK, including the News Letter, Derry Journal and a range of weeklies.


An email to staff seen by the Press Association stated staff would continue to be paid and should turn up to work as normal. Their contracts are to be transferred to the new company.

In an email to staff, Johnston Press chief executive David King said that, subject to court approval, the company’s business and assets would then be sold to a newly-incorporated group of companies controlled by investors who own Johnston’s debt.

He said that the new business would have much lower debts and the new owners ‘intend to provide new money to carry us forward.’

Last month Johnston Press put itself up for sale in a bid to refinance £220m of debt due to be repaid next year.

Tyrone Times.
Tyrone Times.

However a statement last night, pointed out that the board believes ‘none of the offers had delivered sufficient value.’

“The board has resolved that the best remaining option is for the company and its principal subsidiaries to be placed into administration,” the statement added.

There have been several rounds of job cuts and restructuring since Johnston Press bought the Northern Ireland titles.

 

 

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