Thomson Local bought out of administration
Directory publisher Thomson Local has been sold to new owners after going into administration, saving more than 300 jobs.
Joint administrators at Grant Thornton have confirmed that immediately following the appointment, certain business units and assets were sold to Corporate Media Partners Limited, New Media Investment Solutions Limited and Direct Research Company Limited, preserving approximately 341 jobs.
Thomson Directories, trading under the 'Thomsonlocal' brand, has been a leading provider of printed and online directories and internet advertising for more than 30 years.
But the group's financial performance has shown a steady deterioration over the last few years as print directories were replaced by digital versions.
Thomson Local moved into developing its own online directory and suite of internet advertising products in an attempt to stem the decline in the paper directory.
Ian Corfield, partner and joint administrator, said: "Thomson is a prominent participant in the UK directories and advertising market and, under the "Thomsonlocal" brand, has a competitive edge in the industry.
"We are therefore pleased to have successfully secured the transfer of the business to its new owners, promising a stable platform to face the challenges ahead."
Paul Spinksand Patrick Bradshaw run Corporate Media Partners and own several business information enterprises, including, 118 Information, e-Location, Market Location and 118 Business Information.
Mr Spinks said: "This is a hugely important addition to our existing suite of businesses, and we are excited by the challenge that this acquisition offers. Thomson Local is a major brand in the UK which achieves instant recognition and we are excited by the prospect of delivering a range of relevant advertising, new media and information packages to today's small and medium enterprise."
Mr Bradshaw added: "We also believe that the Thomson Online Directory offering will be a useful resource from which a number of our larger licensing customers can benefit."
Some 174 editions of Thomson Local, including several across Kent, have been delivered to around 22 million homes and businesses.
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