Media group Reach, publisher of news titles across the UK including the Daily Record, said it will provide £5 million to resolve a ‘historical error’ in preparing for a buy-out of a pension scheme.

The mistake was uncovered during due diligence for the West Ferry Printers Pension Scheme buy-out, a legacy scheme inherited in the 2018 acquisition of Express Newspapers.

It will make an estimated £5m additional funding requirement, which it expects to pay in 2025.

“We have reviewed our other schemes for the same error, and we have not identified any material items. This is unrelated to the 2022 triennial pension valuations for our remaining schemes which remain unchanged,” said the company.

It said trading in Q4 was strong and it now expects to deliver results ahead of current market expectations for the full year.

The company completed refinancing of its banking facilities. The facility comprises a £145m revolving credit facility, with a four-year maturity to December 2028 including an option to extend by up to one year. The RCF also includes a £72.5m uncommitted accordion facility. The financial covenants are unchanged.