Johnston Press to sell 13 regional titles for £17m

Johnston Press is offloading 13 of its East Anglia and East Midlands titles to Iliffe Media for £17 million.

Chief executive Ashley Highfield said the disposal will help to put Johnston Press on “a stronger footing” and reduce net debt, after the publisher revised down the value of its titles by £217 million in its half-year results in August.

It was also reported earlier this year that the business is concerned it will struggle to repay £220 million in bonds due in 2019.

“This disposal marks a major milestone in our divestment strategy and puts us firmly on the path of refocusing our activities on areas with the greatest growth potential,” Highfield said.

“The Disposal will also reduce our net debt whilst putting us on a stronger footing.

“I would like to thank the staff based at these Titles for their hard work and loyalty over the years and we wish them well for a successful future.”

The 13 titles and their associate websites are the Bury Free Press, the Local (Bourne), Diss Express, Fenland Citizen, Lincolnshire Free Press, Grantham Journal, Haverhill Echo, Lynn News (Tuesday and Friday), Newmarket Journal, Rutland Times, Suffolk Free Press, Spalding Guardian and Stamford Mercury.

Johnston Press’ share price was up 13.04% on Friday morning.