Local newspapers shock as parent company goes bust

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A host of local newspapers have been placed under the control of the Bank of Scotland after the parent company went out of business.
 
It is being reported by online magazine ‘The Drum’ that Dunfermline Press collapsed last week with debts of nearly £40 million, owed mainly to the bank.

Titles including the Greenock Telegraph, Dunfermline Press and the East Lothian Courier are included in a list of newspapers now owned by the bank.

According to the Drum the bank became the group’s major shareholder after a last gasp deal, it now owns 90 per cent of the equity.  The new entity will be named Romanes Media.  It is believed that BoS had to write off debts of around £25 million.

The publications affected are: Greenock Telegraph, Alloa and Hillfoots Advertiser, Dunfermline Press, Central Fife Times, East Lothian Courier, Border Telegraph, Peebleshire News, Barrhead News, Clydebank Post, Dumbarton and Vale of Leven advertiser, Helensburgh Advertiser, The Gazette, Ardrossan and Saltcoats Herald, Ayr Advertiser, Irvine Times, Largs and Millport Weekly News, Cumnock Chronicle, Troon Times and Carrick Herald.

Staff have been assured there will be no job losses as a result of the changed ownership.