172-year-old local newspaper goes into administration

The 172-year-old daily newspaper the Oldham Evening Chronicle has gone into administration with most of its 49 staff made redundant.

Paul Flint and Jonathan Marston of KPMG have been appointed joint administrators of Hirst, Kidd and Rennie Ltd, the company which produces the Chronicle.

Established in 1854, the company employs 49 staff. It also has four companion monthly free titles – Oldham Extra, Saddleworth Extra, Tameside Extra and the Dale Times, and three quarterly A4 magazines: Oldham Business Edge, The Knowledge and Primary Knowledge.

Following the appointment, production of the Oldham Evening Chronicle and its companion publications has ceased and the majority of staff have been made redundant.

Flint said: “The company was faced with an increasing deficit in its defined benefits pension scheme in addition to the challenging trading conditions arising from the changing nature of the local media landscape.

“Unfortunately, despite a rigorous sales process, a buyer for this long standing paper has not been found and it’s not commercially viable to continue operating.

“We will work to ensure all employees receive the maximum levels of practical and financial support through the redundancy process. We are also seeking buyers for the assets of the business, including the newspaper title to try and ensure its heritage will be preserved and continued.”

The company also operated a promotions facility – Reader Holidays – in conjunction with a number of partners in the travel sector.

Flint added: “All customer deposits paid for Reader Holidays will be refunded in due course.”