Johnston Press is taking advice on “debt-related issues” from financial services giant Rothschild, but claims the firm have not been suddenly engaged to help navigate difficult financial waters.

A spokesperson for Johnston Press told Press Gazette that Rothschild has been on a retainer with the publisher since about 2013 and had previously advised on its refinancing in 2014.

The Telegraph reported City sources yesterday claiming the publisher’s interim chairman, Camilla Rhodes, had “called in” Rothschild to “examine its refinancing options”.