The Scotland-based company is attempting to offload its 13 Irish titles in order to free up funds to cut a debt that currently stands at more than £400m. Johnston Press has issued an information memorandum (IM) on the business to around 12 potential bidders, the Irish Independent is reporting.
It is believed that offers for the titles would have to be made by the end of March.
According to the IM, profit for the business was €12m in 2008, down €3m on 2006 and 2007 figures. Turnover was also down €8m to €38m – which the company attributed to falling circulation and advertising.
Although the IM suggests that turnover will continue to fall, in line with speculation across most UK publishers, a series of cost-cutting measures is expected to keep the titles' profits around the €12m mark.
Johnston Press predicts multi-million pound profits for Irish arm
Newspaper publisher Johnston Press has said that it expects its Irish business to make profits of 12m euros (10.7m) in 2009, despite the economic difficulties.
