A board meeting on Monday (4 June) between representatives of the Telegraph Media Group (TMG) and Express Newspapers, which both hold 50% stakes in the plant, is believed to have led to an agreement that they would work together to resolve problems over the plant’s pensions black hole.

West Ferry’s board, which has previously suffered from the rocky relationship between its joint owners, is also understood to be drawing up plans to put to its pension trustees, and agreed at Monday’s meeting to present these plans as soon as possible.

West Ferry stated its pensions liabilities at around £24m in its last published accounts, for 2005, although this figure is thought to have risen to around £30m.

However, the situation has been thrown into sharp relief in recent weeks by TMG’s announcement that it will move almost all of its printing from West Ferry to News International’s new presses.

The announcement means that Express Newspapers is more likely to buy out TMG’s stake in the plant, making an agreement on the pensions issue more pressing, particularly for workers who could be made redundant by TMG’s move.

A further accord struck at Monday’s board meeting was to organise timing for an orderly transfer of the Telegraph’s printing to NI’s plants at Waltham Cross, Glasgow and Knowsley.

TMG is understood to have stated at the meeting that it would honour all its contractual obligations regarding its pull-out from West Ferry.