Switch in ownership structure at Romanes Media Group

THE publisher of the Greenock Telegraph has had its major shareholding purchased by a joint venture including one of the world’s leading investment banks.

Romanes Media Group was created last year following a management buyout of Dunfermline Press – which included the Telegraph publisher, Clyde and Forth Press, but which had gone into receivership.

At the time, it was understood that Lloyds bank took an 85 per cent stake (but just 19.5 per cent voting rights) in the group, insodoing writing off some of the debt that had been owed to it.

And now that stake has been acquired Goldman Sachs and Texas Pacific Group.

In a Romanes Media Group statement, managing director, Graham Morrison, said: “This is a positive move, one where the majority shareholder shares our aim of investing in our businesses, with a view to strengthening the company, growing our platforms, securing jobs and driving the business forward.”