Monday 22 January 2018

Crosbie printers 'told of buyers'

Tom Lyons

TOM Murphy, the former chief executive of Thomas Crosbie Holdings (TCH), told Webprint – then the company's printers – that he was aware of "two to three potential purchasers of the business in Cork" just over a year before the group was dramatically restructured.

In an affidavit, Donagh O'Doherty, the chief executive of Webprint, said Mr Murphy also predicted at a meeting in November 2011 that any "new owner could make a profit of between €8m and €10m from the business if it was purchased from an examiner or receiver".

But instead of the owner of the Irish Examiner and other titles and radio interests being put up for open sale, TCH went into receivership.

All assets were immediately sold to members of the Crosbie family, with the exception of the Sunday Business Post which has gone into examinership.

The restructuring saw the group's newspaper titles break their contract with Webprint, which is suing Landmark Media Investments – the Crosbies' new vehicle – and various others.

Landmark declined to comment on the affidavit.

Irish Independent

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