Paul Flint and Jonathan Marston, partners at KPMG, have been appointed joint administrators of Hirst, Kidd and Rennie Ltd, the company that produces the Oldham Evening Chronicle, after pension deficit difficulties and other financial problems saw the 160-year old local newspaper collapse with the loss of around 50 jobs.

The weekday daily paper was established in 1854. It also has four companion monthly free titles: the Oldham Extra, Saddleworth Extra, Tameside Extra and the Dale Times, and three quarterly A4 magazines: Oldham Business Edge, The Knowledge and Primary Knowledge.

Following the appointment, production of the Oldham Evening Chronicle and its companion publications has ceased and the majority of the staff have been made redundant.

Paul Flint, partner at KPMG and joint administrator, said: ‘The company was faced with an increasing deficit in its defined benefits pension scheme in addition to the challenging trading conditions arising from the changing nature of the local media landscape.

‘Unfortunately despite a rigorous sales process, a buyer for this long standing paper has not been found and it’s not commercially viable to continue operating.’

The paid-for Chronicle had a circulation of 6,408, according to ABC figures to June. It has been experiencing steady circulation decline since 2000 when it sold more than 30,000 copies in the first half of the year.

Flint said KPMG is seeking buyers for the assets of the business, including the newspaper title to try and ensure its heritage will be preserved and continued. The company also operated a promotions facility – Reader Holidays - in conjunction with a number of partners in the travel sector. All customer deposits paid for holidays will be refunded in due course.

Report by Pat Sweet