A management buy-out team has taken control of a local newspaper publisher after it collapsed owing more than £25m.
Dunfermline Press, whose subsidiaries include Clyde Weekly Press and the Berkshire Media Group, is now 90pc owned by the Bank of Scotland, which had been its major creditor.
The other 10pc of the company is owned by a management buy-out team including directors John Allwood, Graham Morrison and Graham Faulds.
They have renamed the new company Romanes Media Group in honour of its founder, Deirdre Romanes, who died in May 2010 after a long battle with cancer.
Dunfermline Press, previously one of Scotland’s largest newspaper groups, was placed in receivership last week
Estimates of the level of the company’s debt have varied between £25m and £40m, but the bank has now agreed to write off the sum.
The directors said in a statement: “Having worked within the business for a number of years we are delighted to be able to participate fully in the future development of this business.
“We believe this is the start of a new chapter in the strategic development of Dunfermline Press.”
The receiver, Bruce Cartwright, added: “This is a business that has continued to perform during difficult trading conditions.
“The restructuring of the holding company, supported by such an experienced management team, is an extremely positive step for the business, its employees, its customers and all its associated suppliers.”
The Berkshire Media Group includes the Reading Chronicle, Bracknell & Wokingham News Series, Slough & South Bucks Observer and the Newbury & Thatcham Chronicle among its portfolio.
Scottish titles owned by the company include Greenock Telegraph, Alloa and Hillfoots Advertiser, East Lothian Courier, Border Telegraph, Dumbarton and Vale of Leven Advertiser, Ardrossan and Saltcoats Herald and Ayr Advertiser.