Johnston Press, which owns newspapers including the i, The Scotsman and The Yorkshire Post, is preparing to enter into administration, the company has confirmed in a statement. The statement added: “The board has concluded that it is necessary for the company and its principal subsidiaries to be placed into administration.”

Johnston said it has also requested the immediate suspension of shares trading on the London Stock Exchange, with a cancellation of trading due to follow on November 20. The group hopes that this transfer will be completed within the next 24 hours.”

In an email to staff seen by the Press Association, David King said the publisher will apply for court approval to be sold to a newly-incorporated group of companies controlled by creditors. Daily Mail owners reportedly interested in buying i newspaper Read more

“There were offers for the whole group, as well as for some individual titles,” said David King, Johnston’s chief executive. “However, having explored a range of other options, this is the best available course of action and it is one that offers a chance for a brighter future for our business.”

One of Britain’s biggest publishers, it has more than 200 titles in print and online, including the i, The Yorkshire Post and The Scotsman. And we have done so against a relentlessly tough market backdrop.”

At its most recent trading update, Johnston reported a hit to revenues, mostly due to changes in Google and Facebook algorithms. Under the terms of the deal to shift the assets to a new company, Johnston Press’s defined benefit schemes will not transfer and will shift to the government’s Pension Protection Fund, resulting in lower payments. Speculation that the publisher might be sold had been growing since it announced the strategic review in March 2017. In August 2018, the company’s share price spiked, surging by as much as 70% in afternoon trading amid rumours that a mystery buyer was quietly snapping up more stock. In a second tweet he said: “Johnston Press going into administration is a grim day for local newspapers and another deeply worrying one for local democracy.”

Leeds North West Labour MP, Alex Sobel, tweeted to say he was sad that Johnston which owns The Yorkshire Post and the Yorkshire Evening Post was going into administration.
Johnston Press, which owns i, The Scotsman, the Yorkshire Post and other UK newspapers, enters administration after failing to secure a buyer. It is set to be de-listed on the London Stock Exchange on 19 November 2018.