Tindle Newspapers to launch two new papers and hand out bonuses
Tindle Newspapers has announced that it is to buy a new title in the south of England, launch two others and give all staff a bonus.
The publisher, which has given no more details about where the papers will be based, said the launches follow the "financial success" of the community papers it introduced in Chingford and Pembroke Dock earlier this year.
Every full-time employee will receive a lump sum of at least £125 and the cash will increase according to individual profits at each Tindle newspaper centre. Staff at 12 of these centres will take home a bonus of up to £400 a head.
Chairman Sir Ray Tindle said: "We have been hit by the economic downturn like any other group but most of our local community papers around the country are performing better than the average and providing the profits to keep the others going.
"Plans are well advanced for us to buy or launch more of these titles, especially in the West country and Wales, but also in places where communities have lost or never had their own papers. These newspapers are the lifeblood of their communities and readers are calling out for them."
In a letter to staff today Tindle writes that "the papers are surviving but profits have fallen very considerably" against pre-recession levels.
"Eight or nine of our centres are losing money. The Group's profits are currently running at around one fifth (20%) of 2007 and still falling.
"Despite this the directors are proud that the company is the only newspaper group which has not yet had to turn to redundancy to keep the ship on an even course. No journalist has been asked to leave our employ."