Sir Ray Tindle has turned round numerous papers by going back to a firmly hyper-local approach.
In this video, of part of a talk he gave at the Local Heroes conference organised by Press Gazette and Kingston University, he tells the story of the Tenby Observer.
It was in receivership when Tindle Newspapers bought it, and had published it's last edition. You'll find the full story on the video, and more on the topic of the local press and what it offers trainee journalists in the Masterclass section of Multimedia Journalism: A Practical Guide.
But Sir Ray begins by outlining how he bought his first paper, the Tooting Gazette, with a £300 gratuity received when demobilised from the army at the end of the Second World War.
Next video: The power of the local press