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KPMG has announced that Howard Smith and David Costley-Wood, from the firm’s restructuring practice, have been appointed joint administrators to the Cumberland and Westmorland Herald newspaper.
Following the administration, six staff members have been made redundant, and a further 20 jobs are now at risk.
The Herald is an independent weekly broadsheet newspaper that covers a large area of East Cumbria, including Penrith, Appleby, Kirkby Stephen, Keswick & Alston. It has been in publication since 1860.
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.”
He added: “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.”
