Sunday 22 April 2018

Sunday Business Post up for sale

Thomas Crosbie Holdings
Thomas Crosbie Holdings

Brian Hutton

THE Sunday Business Post newspaper is to be put up for sale.

The sell-off of the title, which employs 76 people and has a readership of 140,000, is part of a complex overhaul of the ownership and financial affairs of its parent company Thomas Crosbie Holdings Limited (TCH).

The Irish Examiner daily newspaper, which is owned by the same group, is to be bought by a new company - Landmark Media Investments - also headed up by the Crosbie family.

In a statement, TCH said all its titles, including Cork's daily Evening Echo and a number of regional newspapers, would continue to be published under the new ownership arrangement.

A TCH spokesman said the deal, in which the company was put into receivership, would put it on a sustainable footing for the future.

"Underneath this new structure, the Crosbies have obviously invested in it, they have got the support of (their bank) AIB, so they are confident there is sustainability for the Irish Examiner, its associated titles, and indeed future employment," he said.

The deal allows the newspaper group to break a contract with outsourced printers Webprint Concepts Limited.

The new company Landmark Media Investments has sought a cheaper arrangement with titles now being printed by the Irish Times Printing Press at City West in Co Dublin.

A part of the group, Thomas Crosbie Printers Limited, which was in charge of outsourcing the printing will fold with the loss of up to 12 jobs.

Other media outlets being taken over by the Landmark Media Investments include the Waterford News & Star, the Wexford Echo, the Nationalist series of newspapers, the Western People, Roscommon Herald, as well as radio stations WLR, Beat 102FM and Red FM.

The Crosbies said 554 people employed at titles being taken over by their new company would be transferred under existing employment terms and conditions.

But a spokesman said some voluntary redundancies in the future could not be ruled out.

The Sunday Business Post will now apply to the High Court for the appointment of an examiner to the company.

It is understood the Crosbies intend to bid for the newspaper when it is put up for sale.

Tom Murphy, chief executive officer of Landmark Media Investments, said the overhaul provided an important opportunity for the Irish Examiner and associated outlets to make a fresh start.

"In a challenging environment, this re-structuring and consequent acquisition provides a stable platform from which to build a sustainable business," he said.

"I look forward to working closely with the management and staff to review and improve operations to successfully achieve this aim.

"I would like to thank all staff members for their support, commitment and especially for their patience in recent months."

Press Association

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