Tindle buys Manx division
Johnston Press offloads island newspapers
Johnston Press has sold its titles on the Isle of Man to Tindle Newspapers, the UK based publisher, for £4.25m in cash following a competitive tender process.
The titles include the Isle of Man Examiner, Isle of Man Courier, Manx Independent and www.iomtoday.co.im.
The company said the sale is “in line with the group’s previously stated divestment strategy to align resources to brands and geographies offering the greatest growth opportunities”.
Proceeds from the disposal of the Isle of Man papers will be re-invested in its core business and help pay down its debt.
Isle of Man Newspapers recorded a profit before tax of £598,000 (£632,000 before exceptional items) for the year ended 31 December 2015 and had gross assets of £1.78m at that date.
Johnston Press chief executive Ashley Highfield, said: “This disposal is further progress in executing our divestment strategy and allows the group to realise immediate value from our Isle of Man assets.
“I would like to thank the staff of our Isle of Man business for their loyalty and dedication over the years and we wish them well for a successful future.”
Sir Ray Tindle, chairman of Tindle Newspapers Ltd, added: “We are most grateful to the Johnston Press team for all their assistance in bringing about this agreement and look forward to meeting the talented Isle of Man team who produce such excellent titles.”