160-year old newspaper hits the blocks
6 Feb 2020
Cumberland & Westmorland Herald newspaper has called in administrators after the publisher collapsed after 160 years in print
6 Feb 2020
Howard Smith, associate partner, and David Costley-Wood, partner from KPMG’s restructuring practice have been appointed joint administrators.
Established in 1860, the Herald is an independent weekly broadsheet newspaper covering a large area of East Cumbria, including the towns of Penrith, Appleby, Kirkby Stephen, Keswick & Alston.
It 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.’