Clydesdale Bank has agreed a new financing deal with a leading Scottish newspaper group.
An £11 million funding package has been agreed with Scottish Provincial Press, which produces 15 weekly newspapers as well as a range of specialist publications. The deal comes in the form of a long-term loan, as well as overdraft, BACS and direct debit facilities.
Scottish Provincial Press operates a production centre, press centre and ten editorial and advertising offices across the north of Scotland. The group produces 13 paid for newspapers and two free papers on a weekly basis, including the Inverness Courier, the Northern Scot and the Highland News, covering the Caithness, Sutherland, Ross-shire, Inverness-shire, Strathspey, Moray, Lochaber and Banffshire areas. The company’s annual turnover is in the region of £13 million.
In addition to newspaper production, Scottish Provincial Press operates two publishing divisions, producing a total of 260 publications annually. New Century Publishing Group publish wedding guides and publications for organisations including VisitScotland, and Method Publishing produce publications for the Armed Forces, including community guides for all army bases throughout the UK and Germany
Thelma Henderson, Managing Director of Scottish Provincial Press said:
“Scottish Provincial Press is committed to providing communities in the north of Scotland with interesting and relevant local news, and will continue to prioritise this as the business moves forward.
“Clydesdale Bank worked closely with us to fully understand our business needs, and then provided a tailored financial package that matched our requirements. Their strong local presence and commitment to customers in the north of Scotland matches that of Scottish Provincial Press. We look forward to working in partnership with them over the coming years.”
Mike Brown, Business Partner at Clydesdale Bank’s Inverness Financial Solutions Centre (FSC), said:
“Scottish Provincial Press has a committed management team, a high quality range of local newspapers and an excellent reputation within the publishing industry more broadly.
“Against the backdrop of change in the publishing sector, the firm continues to progress by delivering excellent publications for communities in the north of Scotland. We look forward to working closely with Thelma and her team to provide ongoing and consistent local support to the business in the long term.”
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Clydesdale Bank is part of the National Australia Bank Group. Clydesdale Bank was established in 1838 in Glasgow and, as one of Scotland’s largest banks, has a proud history of innovation and support for Scottish industry and communities as well as a significant presence in London and the South of England. With its sister bank, Yorkshire Bank, Clydesdale has 339 retail branches across Scotland, the North of England and the Midlands, and 72 Financial Solutions Centres throughout the UK, which offer customers a highly integrated business and private banking service.
Financial Solutions Centres:
Financial Solutions Centres (FSC) focus on the communities in which they operate. Each of the UK-wide network of 72 FSCs offers a tailored range of business and private banking services under one roof. A team of specialist partners provide customers with end-to-end solutions for all of their banking needs. Each customer benefits from the in-depth expertise of a dedicated relationship partner who takes the time to get to know them and their business and is able to make fast, local decisions. In addition to banking services, the FSCs also operate as a hub for local business, with a range of networking opportunities and meeting facilities available as a benefit of membership.