Johnston Press puts itself up for sale

The beleaguered publisher has been struggling to get its house in order for more than 18 months, when it first entered into negotiations to refinance a £220m bond due in 2019 and launched a strategic review into its options.

Johnston Press, along with several other newspaper groups, has suffered from a decline in advertising income of recent years, as well as a sharp fall in revenues from its classifieds business.

Algorithm and news feed changes by Google and Facebook have also put a squeeze on revenues. Other industry stalwarts such as Reach, formerly known as Trinity Mirror, have also suffered.

Johnston Press told investors on Thursday that "pursuant to this strategic review", and in order to assess all strategic options to maximise value to its stakeholders, "the board of Johnston Press announces today that it has decided to seek offers for the company".

As of 1000 BST, Johnston shares had picked up 3.70% to 3.36p.