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Coronavirus crisis prompts regional publisher to seek new investors

A regional publisher is seeking new investors after suffering significant falls in advertising revenue during the coronavirus crisis.

Archant has announced it has held talks with a number of interest parties, but says it “faces no immediate threat to trading”.

The plans have been revealed in an email sent to staff by executive chairman Simon Bax.

Details of the announcement have been revealed by the Eastern Daily Press, Archant’s Norwich-based daily.

Archant's Norwich headquarters

Archant’s Norwich headquarters

In the email, Simon said: “The transformational strategy my leadership team and I have implemented over the past year has enabled our organisation to move forward with much needed clarity and focus.

“Obviously Covid-19 has been a considerable setback, but each and every day we are beginning to see the momentum return.”

He added: “Every organisation on a long term transformational journey such as ours requires long term commitment and investment which is why we are currently talking informally with potential new investors who share our passion and energy in building a strong, robust future for Archant.”

Archant, which currently employs about 1,100 people, publishes four daily titles and around 55 other newspapers, as well as 75 magazines.

A spokesman for Archant told the EDP: “The board of Archant confirms it is in early-stage discussions with a number of third parties who have expressed an interest in investing in our business.

“For clarity, the company faces no immediate threat to trading, and continues business operations as normal.”

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