North East-based CTN operator Finlays Newsagents is selling off the bulk of its estate following a strategic review.

Twelve of its 20 stores have been put up for sale via Christie & Co because they are “no longer in keeping with its trading format”. Three of the stores are in Newcastle, two in Gateshead, Middlesbrough and Darlington, and one each in Sunderland, Peterlee and Seaton Crew.

“This is a great opportunity for first-time buyers or for multiple operators to add units,” said Allen Shepherd, director of corporate retail for Christie & Co.

Finlays reported a pre-tax loss of £29,579 on sales up 0.5% to £10.77m in the year to 26 March 2011.