TCH sells off loss-making regional paper for 'nominal fee'
THE owner of the 'Sunday Business Post' and the 'Irish Examiner' has sold a regional newspaper for what is believed to have been a nominal fee.
Thomas Crosbie Holdings (TCH) sold the 'Sligo Weekender' to Kevin Mitchell, who runs Datascope in Wexford, a firm specialising in contract printing for newspapers.
Terms of the deal were not disclosed but it has been described as a "nominal fee", something Mr Mitchell said was "wide of the mark".
All 'Weekender' staff will transfer with the title, except chief executive Brian Feeney and accountant Mary Lacey who will remain in their roles with TCH. The 'Weekender' has a circulation of some 6,000 a week.
Mr Mitchell said he was delighted to have completed the acquisition.
"I've been in the newspaper business for 20 years and I'm always looking out for opportunities so I'm very pleased to have done this deal. I was speaking to TCH about a separate matter when this came up and the deal was completed in the space of about two months."
TCH has been dogged by financial trouble during the recession.
Staff at the 'Sunday Business Post' have endured two rounds of pay cuts, while employees of the 'Irish Examiner' were told their pensions would be cut
The 'Weekender' lost €2.4m after tax for the year ended December 28, 2008.