Home Counties Buys Herald Newspapers

Home Counties Newspapers has today announced that it has bought Herald Newspapers for £7 million in cash, £2 million of which not be payable until the first anniversary of completion. Herald Newspapers publishes 11 free newspapers split into 23 local editions covering a wide area of Hertfordshire, Bedfordshire, Buckinghamshire and Essex. After the acquisition the number of titles owned by Home Counties will be 33.

Bill Coppen-Gardener, Home Counties Group Managing Director said, “The acquisition of Herald Newspapers will give Home Counties a unique opportunity to protect, strengthen and develop the Group’s existing geographical base, whilst adding new opportunities in adjacent areas.”

The Chairman of Home Counties Newspapers, R W S Gibbs, in his half year statement said, “I am sure that the future prospects of the Group will be substantially enhanced by this acquisition which will start to have a positive impact on profitability in 1996.”

Trading for Home Counties during the second-half of 1995 has shown slow but steady year-on-year improvement despite some uncertainties in the national economy.

An interim consolidated financial statement from Home Counties shows a half year turnover, to 30th June 1995, of £14.293 million which is a £0.728 million operating profit compared to £13.178 million for half year to 30th June 1994 and an operating profit of £0.581 million. The Directors of Home Counties expect the Acquisition to produce significant savings and to be earning enhancing in the first full year of ownership.

Home Counties Newspaper Holdings plc: 01727 811 911