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At least 10 jobs saved as newspaper group agrees Spanish investment

Thomas SinclairA newspaper group which announced its closure last week has been saved after securing an eleventh-hour investment.

HTFP reported last week how Herald News UK Ltd, which publishes the Pembrokeshire Herald, Carmarthenshire Herald and Llanelli Herald, had ceased operations with 24 jobs put at risk as a result.

But at least 10 of the 24 put at risk have now been told their jobs will be saved after the company entered into a six-figure cash-for-shares agreement with Spanish advertising firm Rigographic Espana.

The deal means the Pembrokeshire Herald will continue as a print title while the Carmarthenshire and Llanelli Heralds will continue as online-only publications.

Rigographic chief executive Ricardo Rigobon, who has 20 years experience in publishing and advertising, said that The Herald “deserved to be saved”.

He added: “As a campaigning newspaper, The Pembrokeshire Herald has served its customers well over the last six and a half years. Its circulation is strong, and the website is extremely popular.

“I believe with the new reduced costs business model we can secure the future of the newspaper. The Llanelli Herald and the Carmarthenshire Herald will continue online.”

John Hammond, managing director of Herald News UK Limited, added: “We have worked tirelessly to get the necessary financing in place since our original investor pulled out. As a result of those efforts, we have now got a new partnership with a long-established firm in our industry.”

Earlier this year it was reported Herald editor Thomas Sinclair had defied court orders over money owed to people including reporters and photographers, but he told BBC Wales he had secured a new £1.5m investment which he claimed would allow him to repay everybody, including six former employees, as well as creating up to 10 new roles.

Thomas also told HTFP at the time that he was no longer the owner of the Herald group and that its ownership has been transferred to Herald News International Inc., a new company which he said was incorporated in the United States earlier this year.

Thomas, pictured, said: “I am excited that we have been given a new opportunity. It’s not a time for celebration as we still have colleagues who have lost their jobs.

“However, for the remaining team we now have a get on with the job of reporting the news and getting the papers out each Friday.”

 

4 comments

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  • October 25, 2019 at 1:15 pm
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    I don’t know whether to laugh or cry at this latest turn of events around Thomas Sinclair
    All I’ll say is the ones made redundant are the fortunate ones, it’s the ones who have been persuaded to stay I feel for.

    I’ll give it 6 months until mr Sinclair is back on the pages of HTFP blaming everyone for other than himself the next calamity to befall anything he touches.

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  • October 25, 2019 at 1:22 pm
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    “ it’s not a time for celebration as we still have colleagues who have lost their jobs”

    And whose fault is that? And what is “ the new owner” going to do about it?

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  • October 25, 2019 at 2:51 pm
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    I suspect something must have been lost in translation for the Spanish backers to invest in anything to do with Mr Sinclair.

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  • October 28, 2019 at 1:08 pm
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    The headline ought to be:
    “14 jobs lost as newspaper group agrees deal with Spanish investors ….allegedly”

    This is nothing to celebrate as we know full well it won’t end well

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