The company that owns the North Devon Gazette has announced it is to come under new ownership.

Norwich-based Archant - which also publishes the Weston Mercury and North Somerset Times as well as East Devon newspapers the Midweek Herald, Exmouth Journal and Sidmouth Herald, plus the New European many other titles - has been acquired by Rcapital.

It takes a controlling share, with a minority holding for the Pension Protection Fund, into which Archant’s long-defunct company pension has been transferred.

Chris Campbell, partner at Rcapital, said: “We are incredibly pleased to have worked alongside Archant’s management team and KPMG to put forward a plan that will restructure finances and inject fresh capital into one of Britain’s oldest local newspaper brands. We are hopeful, that with the support of its creditors, Archant will emerge from this challenging period as a stronger business that continues to provide a vital service to its clients and readership.”

There is no interruption to publishing in the business, which continues to trade as before.