Howard Smith and David Costley-Wood were appointed joint administrators of the Penrith business, which dates back to 1860, on 3 February.

The weekly newspaper has been published under its current title since 1925. It employs 26 staff although six were made redundant by the administrators upon their appointment.

In a statement, Smith said: “The Herald has been a cornerstone of the community in East Cumbria for over a hundred years. Unfortunately, however, an increasing deficit in the company’s defined benefits pension scheme, in addition to the longstanding pressures facing the regional print media industry were behind the directors’ difficult decision to place the company into administration.

“Our intention is to continue to trade the business for a short period while we explore options for a possible sale.”

Smith said that two editions of the newspaper were likely to be published under the direction of the editor, Emily Atherton, during this period.

In the firm’s most recent accounts, to 30 June 2018, the pension deficit was £1.13m and the company had net assets of £678k.

The broadsheet title has a weekly circulation of 11,390 and is printed by the Herald & Times Group in Glasgow.

In a tweet it urged readers and advertisers to support efforts to find a buyer: “Show your love for your local newspaper by buying a copy this weekend or taking out an advert. To keep going, the Herald needs a buyer,” it said.

The Herald’s content covers East Cumbria, including Penrith, Appleby, Kirkby Stephen, Keswick and Alston.

The business also offers a commercial design and printing service as Printworks Penrith.