Johnston Press plc

Advised Johnston Press plc on its disposal of 13 East Midlands and East Anglian titles

Johnston Press plc is pleased to announce that its subsidiary, Johnston Publishing Limited, has entered into a conditional agreement to sell 13 publishing titles and associated websites in East Anglia and the East Midlands to Iliffe Media Limited for a cash consideration of £17.0 million.

The consideration of £17.0 million represents a 5.3x multiple of operating profit of £3.2 million before exceptional expenses for the 52 weeks ended 2 January 2016.

The disposal progresses plans to focus Johnston Press’ business on its selected geographic markets, audience profile and digital growth.

Our role and highlights

  • Lead financial advisor to Johnston Press plc
  • Class 1 disposal under the listing rules
  • Carve-out disposal
  • TSA commercial agreement

“This disposal marks a major milestone in our divestment strategy and puts us firmly on the path of refocusing our activities on areas with the greatest growth potential. The Disposal will also reduce our net debt whilst putting us on a stronger footing.”

Ashley HighfieldChief Executive of Johnston Press plc

“This disposal marks a major milestone in our divestment strategy and puts us firmly on the path of refocusing our activities on areas with the greatest growth potential. The Disposal will also reduce our net debt whilst putting us on a stronger footing.”

Ashley HighfieldChief Executive of Johnston Press plc