The Pensions Regulator has dropped its investigation into Johnston Press, concluding there is “no evidence to suggest that insolvency was avoidable”.
The regional publisher was sold to JPIMedia, a new company made up of its previous debtors, in November last year following a brief period in administration.
It had 4,771 members on its pension plan and Oliver Morley, chief executive of the Pensions Protection Fund, questioned the “apparent rush” to complete the deal, saying JP had “more than adequate cash reserves.”MP Frank Field, chairman of the Work and Pensions Committee, also voiced concerns about the “pre-pack” deal.
