The Oldham Evening Chronicle has ceased publication and gone into administration after more than 150 years reporting on life in the borough .

Long-standing independent owners Hirst, Kidd and Rennie had been unable to find a buyer willing to take the paper on, according to administrators KPMG.

In total 49 people will lose their jobs, some of whom had worked at the title for four decades.

Challenging trading conditions and a growing pensions deficit have been blamed for the paper’s closure after 163 years.

Today’s edition was its last.

The Chronicle’s four monthly sister titles - the Oldham Extra, Saddleworth Extra, Tameside Extra and the Dale Times - have also ceased production, as well as three quarterly magazines - Oldham Business Edge, The Knowledge and Primary Knowledge.

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.

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“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.

“We will work to ensure all employees receive the maximum levels of practical and financial support through the redundancy process. We are also 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 had also run a promotions arm – Reader Holidays - in partnership with the travel sector.

KPMG said any deposits paid for holidays would be refunded ‘in due course’, with letters due to be sent out in the next five days explaining the process.

The Oldham Chronicle was established in 1854 as the town’s textile boom gathered pace.

Three years later its editor Jonathan Hirst and manager Wallace Rennie bought the paper for £800.

Generations of the Hirst family remained closely involved both editorially and commercially into the 21st Century.

Since 2007 the paper has been printed at the Manchester Evening News presses in Chadderton.