Business Post owners face bank crunch
THOMAS Crosbie Holdings, owners of The Examiner and The Sunday Business Post, is edging closer to making a tough decision on its financial restructuring. Grant Thornton, the accountants, have been advising the company on what it needs to do since last summer.
TCH management are now weighing the various options facing the group from reducing costs further to taking more radical action. Tom Murphy, the chief executive of TCH, did not return calls for comment.
TCH's main bank, AIB, is owed more than €25m and the company has seen its turnover fall sharply in its most recent accounts to January 2011 from €82.5m to €70.8m. Turnover for the group peaked at €113m in 2006.
Last year at least one potential new owner took a look at acquiring the 'Post' but nothing concrete ever materialised. The newspaper has not been actively put on the market by TCH.
TCH bought the Sunday Business Post from British media group Trinity Mirror for around €10m back in 2002. It was part of a major expansion that saw TCH buy six newspaper titles in just two years.