Future of Herald hanging in balance
STAFF at the Cumberland and Westmorland Herald were told this afternoon that the company has been put into voluntary administration.
Howard Smith and David Costley-Wood from KPMG’s Restructuring practice have today been appointed joint administrators to the newspaper by its directors.
Established in 1860, the Herald employs 26 members of staff from its base in Penrith.
Six members of staff were made redundant following the appointment of the joint administrators.
Howard Smith, associate partner at KPMG and joint administrator, said: “The Herald has been a cornerstone of the community in East Cumbria for over a hundred years.
“Unfortunately, however, an increasing deficit in the company’s defined benefits pension scheme, in addition to the longstanding pressures facing the regional print media industry were behind the directors’ difficult decision to place the company into administration.
“Our intention is to continue to trade the business for a short period while we explore options for a possible sale.
"During this time, we anticipate that two editions of the newspaper will be published under the direction of the editor.”
Interested parties are invited to contact Ryan Manuel at KPMG on 0161 246 4151.