Ray Tindle, the 90-year-old proprietor of 200 local newspapers, is giving ownership of several titles to three of his company’s executives.
A series of London papers, plus one group in Dorset, are being passed to Philip Evans, Karen Sheppard and Hannah Walker. They include the South London Press, the Mercury and papers serving Westminster, Kensington and Hammersmith.
In a press statement announcing the decision, he said it was aimed at ensuring the longevity of the papers. The move does not herald Tindle’s retirement. The grand old man of British regional newspapers will continue to have a hands-on role.
Under the deal, the new group will be called Capital Media Newspapers and the three executives will each have 30% of the shares while Tindle will retain a 10% stake.
Evans said: “All three of us share Sir Ray’s undeviating faith in the future of local newspapers and we are excited by the opportunity he has given us.”
Sheppard and Walker also registered their excitement at what they called “an extraordinary opportunity”.
Tindle told his staff that he will continue to run his eponymous newspaper group alongside his vice chair, Wendy Craig.
