The chairman of Tribune Newspapers plc, publisher of the Sunday Tribune, today confirmed that a receiver has been appointed to the newspaper.
In a statement Gordon Colleary said the decision was taken by the board on the back of the decision by Independent News & Media plc (INM), a 29.9pc shareholder, not to continue funding the company.
Insolvency company McStay Luby has been appointed receiver.
The Sunday Tribune has struggled to build a sustainable business while operating in the crowded Sunday market. A key factor has been a disproportionate reduction in advertising and circulation revenues, reflecting the title’s relative size in the market.
INM has been providing financial support to the Sunday Tribune since 1992.
“The decision to call in a receiver has been taken with great regret”, said Gordon Colleary.
He added, “the Sunday Tribune has been ever-inventive in carving a niche as a quality news title in the face of competition from much larger players with deeper pockets. We recognise that additional investment will be required if it is to play a continuing role in the highly competitive Sunday market.
“At this point our primary focus as a board is to protect the interests of our staff whose efforts have sustained a quality product, despite limited resources. I also wish to acknowledge INM’s support over many years. My firm hope is that new investment can be secured to ensure the future of the title and employment for our 43 staff,” he added.
INM today confirmed that it has committed funding to enable the receiver to assess the prospects for Tribune Newspapers, including funds to meet staff costs for the month of February.
It also said it remains hopeful that new investors may emerge to safeguard the future of the Sunday title.