A £17m paper trade: Johnston Press sells 13 East Anglia titles as part of debt reduction strategy
The owner of the i newspaper has flogged 13 of its print titles in a "landmark" deal that will raise £17m.
Read more: Struggling newspaper group Johnston Press set for activist investor meeting
“This disposal marks a major milestone in our divestment strategy and puts us firmly on the path of refocusing our activities on areas with the greatest growth potential," said Johnston Press chief exec Ashley Highfield, who added the proceeds would help to pay down the firm's bulging debt pile.
The disposal will also reduce our net debt whilst putting us on a stronger footing.
Johnston Press' paper disposal |
| Bury Free Press |
| The Local (Bourne) |
| Diss Express |
| Fenland Citizen |
| Lincolnshire Free Press |
| Grantham Journal |
| Haverhill Echo |
| Lynn News |
| Newmarket Journal |
| Rutland Times |
| Suffolk Free Press |
| Spalding Guardian |
| Stamford Mercury |
Cambridge-based Iliffe Media has been around for over 120 years and produces over 2m papers and magazines across the UK.
Read more: Newspaper publisher Johnston Press revenues continue to fall
The deal will net Johnston Press £16m after disposal costs and the £17m valuation is a healthy 5.3 multiple of the papers' combined operating profit of £3.2m
"I would like to thank the staff based at these titles for their hard work and loyalty over the years and we wish them well for a successful future," added Highfield.