Johnston Press newspaper staff in Ireland alarmed by contracts switch

Johnston Press employees in Ireland have received notices informing them that the terms of their employment contracts will be switched to a new company, Formpress Publishing Ltd, later this week.They believe it to be a precursor to the publisher's newspapers being sold to the company, which was incorporated in Dublin on 31 January. Its directors are listed as Marian Hayes and Kieron Patrick Hayes. Johnston Press confirmed in December that it was "at an advanced stage" in discussions for the sale of its Irish division for €8.5m (£7m) in cash. It added at the time: "There can be no certainty that agreement will be reached on a sale; a further announcement will be made as appropriate."It followed an article in the Sunday Times in Ireland, which said JP was "in advanced talks" to sell its 14 Irish titles to Iconic Newspapers, a company run by British advertising executive Malcolm Denmark. It would appear that Formpress is being used as a vehicle by Johnston Press to enable a sale, possibly to Denmark's company, possibly to another buyer.In 2005, Johnston paid about £115m to acquire regional and local papers in the Republic, such as the Limerick Leader, Donegal Democrat and Kilkenny People.The sell-off is part of the strategy being pursued by Johnston's chief executive, Ashley Highfield, as he seeks to ease the burden of the company's £300m debt pile.Johnston's newspapers in Northern Ireland, such as the Derry Journal and the Ballymena Times, are not included in the sale.A... Continue reading at 'The Guardian'

[ The Guardian | 2014-02-11 00:00:00 UTC ]
News tagged with: #ashley highfield #derry journal #ballymena times

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Johnston Press newspaper staff in Ireland alarmed by contracts switch

Johnston Press employees in Ireland have received notices informing them that the terms of their employment contracts will be switched to a new company, Formpress Publishing Ltd, later this week.They believe it to be a precursor to the publisher's newspapers being sold to the company, which was... Continue reading at The Guardian

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