Dunfermline Press saved by buyout from management
April 29, 2012 by Gareth
The newspaper group responsible for producing 20 newspaper titles in Fife has been saved from the brink of closure following a buyout from its managers.
Dunfermline Press, the newspaper group behind several key Fife newspaper titles, recently went into receivership due to being £25 million in debt. However, the management team at the company restructured this debt and rearranged the finances of the firm, forming a new group that now owns the company.
This positive step means that staff and suppliers will not be affected by the change, which will be a relief to readers of local Fife newspapers as well as those who provide the group with facilities such as POS printing. Dunfermline Press media group now becomes Romanes Media Group.
The Directors of the newly-formed company released a statement about the buyout, saying:
“Having worked within the business for a number of years we are delighted to be able to participate fully in the future development of this business. This is a business that has continued to perform during difficult trading conditions. The restructuring of the holding company, supported by such an experienced management team, is an extremely positive step for the business, its employees, its customers and all its associated suppliers.”
Titles owned by the group formerly known as Dunfermline Press media group include the Helensburgh Advertiser and the Greenock Telegraph. Thanks to the company restructure, these titles and others in the group have the opportunity to flourish and grow, whereas recently their existence had been put under threat.