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Joe Media bought out of administration

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Joe Media was founded by Niall McGarry

Joe Media was founded by Niall McGarry

Joe Media was founded by Niall McGarry

Joe Media UK has been bought out of administration by investment fund Greencastle Capital.

Going forward both the Irish and UK arms of Joe will be run by the London-based media group Iconic Labs.

Joe Media, which was previously majority owned by entrepreneur Niall McGarry, generates in excess of £10m of revenue per year, a statement from Iconic Labs said.

The acquisition brings some certainty to the business after a difficult year for the company.

Under the terms of the management contract between Iconic Labs and Greencastle, Iconic will be paid a monthly management fee of £50,000 plus external costs, and in addition it will receive 25pc of all profits generated by Joe Media if certain revenue and profit targets are met.

Iconic Labs will immediately manage all operational and commercial aspects of the Joe media businesses in the UK and will do so in Ireland following regulatory clearance.

Along with Joe.ie and Joe.uk, the media company also owns a number of other brands including Her.ie and SportsJoe.

Iconic Labs said it expects Joe Media to return to profitability by next year. It added that it believes ‘Her’ and ‘Her family’ brands have got “significant potential after previously being underutilised.”

John Quinlan, CEO of Iconic Labs, said: “The acquisition of the Joe media UK businesses by Greencastle Capital is by far the biggest deal we have been involved with as a company so far.

Both the Joe media business and the management contract structure fit our strategy of leveraging scarce capital while operating the best brands in digital media.”

Greencastle Capital is managed jointly by David Sefton and Paul O'Donohoe.

Mr Sefton will be chairman of JOE media and Mr O'Donohoe will be executive vice chairman of the company. Going forward they intend to appoint representatives from Iconic Labs to the board of JOE media.

Online Editors