JPI Media has told staff it is reopening itself to bidders after coming through lockdown in a “strong place” on the same day it revealed plans to cut up to 30 jobs.
The publisher of the Yorkshire Post, Scotsman and dozens of other regional titles had a number of interested bidders last year when it sold its only national title, the i paper, to DMGT.
But no sale was completed and the process was put on hold when the Covid-19 pandemic hit the UK.
Chief executive David King told staff today the company’s board has decided it is the right time to restart exploring its options, with financial adviser GCA Altium appointed to lead the process.
King said: “I have always been of the view that business would benefit from being part of the industry’s consolidation, albeit it remains a good business in its own right (as recent months have shown).”
Like many publishers, JPI’s revenues are tracking below pre-Covid levels but King said advertisers and newspaper sales have both begun to return.
The publisher has also reduced costs since March, King said, “much of which will sustain into 2021”.
“We had over £22m of cash in the bank at the end of August and we have successfully come through the lockdown in a strong place.”
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