RPC advises liquidators on the sale of the UK's oldest newspaper Jewish Chronicle to a consortium of new owners
City-law firm RPC have advised the liquidators on the sale of the UK newspaper Jewish Chronicle to a newly incorporated company, JC Acquisition Limited, established by a Consortium led by Sir Robbie Gibb, former Head of Communications at 10 Downing Street.
The sale, which saw the Consortium making significant contributions to enable the purchase of the Jewish Chronicle, resulted in safeguarding the future of the UK's oldest newspaper. In times where the newspaper industry as a whole is experiencing severe financial difficulties across the developed world, the Jewish Chronicle will continue with its print and is set to thrive under new owners.
The Jewish Chronicle, which was established 180 years ago, serves as a vital pillar of the Jewish communal life and has enjoyed wide-read interest by the Jewish community. The sale of the business to JC Acquisitions Limited brings an end to decades of ownership by the Kessler Foundation, a registered charity, and members of the wider Kessler family, and it marks the beginning of a new chapter for the publication and its staff.
JC Acquisition Limited have confirmed that the current editorial direction of the Jewish Chronicle will be maintained under the leadership of Stephen Pollard and his editorial team. Under the Consortium’s offer, all identified creditors, including staff, should be paid substantially, and the Consortium members have indicated that they intend to invest heavily to secure the future of the paper.
The RPC team was led by business restructuring and insolvency lawyers Finella Fogarty, Paul Bagon and Danielle Bennett. In addition, the team was supported by Will Beck and James Whelan (Restructuring & Insolvency), Kelly Thomson (Employment), Sarah Mountain (IP rights) and Theofili Elenoglou (Data Protection).
Begbies Traynor was led by partners Kirstie Provan and Mark Fry, who were appointed the joint liquidators of the Jewish Chronicle Newspaper Limited.
Commenting on the sale, Finella Fogarty said: "I am thrilled that as a result of the hard work of all parties involved this much-loved newspaper has been saved. Faced with a very tight deadline, all parties worked extremely well together to ensure the continuation of the UK's oldest newspaper and secured employment for many of the Jewish Chronicle’s employees, in times when businesses are being tested to their limits".
RPC's business restructuring and insolvency team advises on all types of restructuring and insolvency matters, from rescue and turnaround situations to formal insolvency processes.