Romanes Media Group Ltd: Press Release
Friday, 20th April 2012
It was announced today, Friday, 20th April 2012, that the management of Dunfermline Press have acquired the media business of Dunfermline Press.
The sale provides a platform from which the business can continue to develop under the experienced existing management team.
As part of a financial restructuring involving the non-trading holding company only, the sale to a new management company called The Romanes Media Group took place following the appointment of receivers Bruce Cartwright and Mathew Hammond of PwC to the holding company.
The appointment ensures the orderly transfer of the business. All trade suppliers will continue to be paid in the normal manner. There is no effect on the contractual position of any of the employees in the group.
The directors, John Allwood, Graham Morrison and Graham Faulds, commented, "Having worked within the business for a number of years we are delighted to be able to participate fully in the future development of this business.
"We believe this is the start of a new chapter in the strategic development of Dunfermline Press."
Ernst and Young's Capital and Debt Advisory team acted as advisors to the company through the financial restructuring process.
Bruce Cartwright stated, "This is a business that has continued to perform during difficult trading conditions.
"The restructuring of the holding company, supported by such an experienced management team, is an extremely positive step for the business, its employees, its customers and all its associated suppliers."