The Drum Awards for Marketing - Extended Deadline

-d -h -min -sec

Johnston Press Newspapers

Ray Tindle raises his stake again in ‘undervalued’ Johnston Press

Author

By The Drum Team, Editorial

September 21, 2011 | 2 min read

Regional newspaper group Johnston Press has been given a vote of confidence by newspaper veteran Sir Ray Tindle.

The 84-year-old’s Tindle Newspapers, which publishes more than 200 local titles, has significantly increased its stake in Johnston Press for the second time in two months to become its third largest shareholder, with 6.36%.

The Johnston Press stable includes The Scotsman, Scotland on Sunday and the Yorkshire Post.

“My opinion is that newspapers are undervalued at the moment,” Tindle told The Times. “I know that people out in the sticks still stand by their local papers.”

Sir Ray, who started his business with £300 of demob money given to soldiers at the end of the Second World War, said shares in Johnston Press had endured “one hell of a drop” in recent years, which he did not believe was justified.

“They have a lot of papers, good papers. They are all good friends and they are coping well with the problem,” he said.

“A small upturn in the economy would put the business ‘back on the straight and narrow’. They are undervalued, so I decided to buy.”

He said he was not planning a takeover bid, but if the opportunity arose to increase his stake he may be interested.

Johnston Press Newspapers

More from Johnston Press

View all

Trending

Industry insights

View all
Add your own content +