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Johnston Press newspaper staff in Ireland alarmed by contracts switch | Johnston Press newspaper staff in Ireland alarmed by contracts switch |
(about 4 hours later) | |
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. | 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. | 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. | 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 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. | 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. | 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. | Johnston's newspapers in Northern Ireland, such as the Derry Journal and the Ballymena Times, are not included in the sale. |
A spokesperson for Johnston Press declined to comment on the transfer of contracts and the potential disposal of its papers. | A spokesperson for Johnston Press declined to comment on the transfer of contracts and the potential disposal of its papers. |
Source: Private and confidential | Source: Private and confidential |
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