The escalating cost of Johnston Press debts: 'An exercise in corporate vampirism'

An exercise in “corporate vampirism” has turned Johnston Press from a newspaper publishing company into a “machine for generating profits on behalf of the masters of the universe”, according to Press Gazette Media Money columnist Peter Kirwan.

Writing on his blog he has estimated that the real cost of paying back the Johnston Press debt mountain for a year is £75.2m, an estimated APR of 15.5 per cent. Kirwan fears that to service the huge cost of its debt, Johnston Press management will have to sacrifice investment and hundreds, if not thousands, of jobs.

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