'Scotsman' titles edge nearer sale
Thursday 05 October 1995
Bill Hughes, chairman of the industrial holding company, Grampian Holdings, and one of the early front-runners to make a bid for the Scotsman newspaper group, hinted yesterday that his consortium dropped out of the bidding because it felt the asking price was unrealistic.
Mr Hughes was involved in a consortium that had been interested in bidding for the group which includes the loss-making Evening News and the Aberdeen Press and Journal.
Mr Hughes's comments came as sources close to the Scotsman said that they hoped a deal might be completed early next month.
A number of bidders, believed to include Associated Newspapers and the Barclay Brothers, owners of the European, are now busy examining the Scotsman's books.
Mr Hughes' view is that a price in the region of pounds 170m would be too high for the business and that Thomson International might have to drop the asking price well below this. He said the numbers simply did not add up. There was little scope to increase the total market and little scope for further cost savings.
The Press and Journal is probably worth more than the Edinburgh papers because it has a bigger circulation and is strongly entrenched in North- east Scotland.
It would be logical for Caledonian Newspapers, owners of the Glasgow Herald, to try and buy the Press and Journal to obtain a cross-over from the west of Scotland to the North-east. However, Thomson and its merchant bankers, Morgan Grenfell, would prefer to sell all the Scottish titles in a single deal.
Oscar Pistorius trial: Paralympian sick again after photographs of Reeva Steenkamp's body are shown in court
Missing Malaysia Airlines Flight MH370: US pushes search towards vast expanse of the Indian Ocean
Seth Rogen compiles list of all the celebrities he’s got high with
Oscar Pistorius trial: Photographs of Paralympian splattered in blood shown in court
Missing Malaysia Airlines Flight MH370: Focus shifts west as Indian Ocean becomes latest search area for the aircraft and its passengers
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
Fracking is turning the US into a bigger oil producer than Saudi Arabia
The rise of Ukip: Study warns Labour that Eurosceptic party's electoral base now 'more working class than any of the main parties'
- 1 Tony Benn meets Ali G: Watch Labour veteran burn Sacha Baron Cohen
- 2 Women do experience two different types of orgasm, study reveals
- 3 Tony Benn dead: Veteran Labour politician passes away at 88
- 4 Istanbul protesters take 'Ellen selfie' from the back of a police van
- 5 Gauthier Soho has ranted against 'food blaggers' - so can we really trust online reviews?
iJobs Money & Business
£35000 - £43000 per annum + Bonus and Benefits: Harrington Starr: A global lea...
£50000 - £60000 per annum: Harrington Starr: Linux Systems Administrator - UNI...
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...