Archant seeks fresh investors
PUBLISHED: 15:36 04 July 2020 | UPDATED: 15:01 06 July 2020
Archant Norfolk 2018
Publishing company Archant has confirmed it is seeking fresh investors after suffering significant falls in advertising revenue during the Covid-19 crisis.
In a note to sent to all staff at the weekend, executive chairman Simon Bax 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.”
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Mr Bax 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.”
Norwich-based Archant, whose history dates back 175 years, publishes the Eastern Daily Press, Norwich Evening News, East Anglian Daily Times, Ipswich Star and about 55 other newspaper brands as well as 75 magazine brands.
The company has about nine million unique monthly visitors to its websites and prints in total more than six million copies of its publications each month.
Archant employs about 1100 people.
A spokesman for Archant said: “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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