GMGRM made £35.5m loss ahead of MEN sale
Ahead of the sale of The Manchester Evening News (MEN) to Trinity Mirror, Guardian Media Group’s northern company GMGRM, formerly MEN Media, made a loss of £35.5m.
The annual figures for the company, who’s year end fell on the same say as the sale of its flagship title, The MEN which saw sales fall from £71.6m to £56.8m.
At the time of the sale, valued at £44.8m, it was understood that only £4m of cash was relieved, with the rest of the money going towards buying out the company’s print agreement which led to a loss of £35.5m.
2009 saw the company announce a £61m profile.
The Manchester Evening News is set to relocate from its offices in Spinningfields to Oldham in September.