Johnston Press puts itself up for sale

Johnston Press, which owns the national newspapers i and The Scotsman, has invited takeovers after admitting defeat on dealing with its debt burden.

Johnston Press puts itself up for sale

The company has appointed investment bank Rothschild to manage the sales process.

It has less than eight months left before it has to repay the £220m sum it owes bondholders, which it borrowed at an interest rate of 8.625%.

In the first six months of this year it made a pre-tax profit of £6.2m, up from a £10.2m loss in the same period the previous year, on revenue of £93m, down from £103.3m.

It also owns a host of local newspapers such as the Yorkshire PostBelfast Times and Matlock Mercury.