Hirst, Kidd and Rennie Ltd in administration | KPMG | UK

Hirst, Kidd and Rennie Ltd in administration

Hirst, Kidd and Rennie Ltd in administration

Paul Flint and Jonathan Marston of KPMG have today been appointed joint administrators of Hirst, Kidd and Rennie Limited, the company that produces the Oldham Evening Chronicle.

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Paul Flint and Jonathan Marston of KPMG have today been appointed joint administrators of Hirst, Kidd and Rennie Limited, the company that produces the Oldham Evening Chronicle.


The weekday daily paper employs 49 staff and was established in 1854. It also has four companion monthly free titles: the 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 regrettably the majority of the staff have been made redundant.


Paul Flint, partner at KPMG and joint administrator, commented:
"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.


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


Ends

Notes to Editors:

*The administrators will send a letter to all individuals who have paid deposits for Reader Holidays within the next 5 working days. The letter will set out the administrators’ strategy for returning funds and will contain the contact details of a member of the administrators’ team who can be contacted to deal with queries regarding reader travel.

For media queries only, please contact:

Gill Carson, Senior PR Manager, KPMG
Tel: 020 3078 4189 / 07768 635843
Email: gill.carson@kpmg.co.uk

KPMG Press office
Tel: +44 (0) 20 7694 8773


About KPMG
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
 

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