Sunday Business Post newspaper: Sale agreed

09 June 2013 - Mark Maffia 10:00

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Sunday Business Post newspaper:  Sale agreed


Key Capital, the corporate finance firm, and Paul Cooke, the former Irish Daily Star managing editor, have reached a takeover deal for the Sunday Business Post.


Deal still has to ba approved

It is said that a head of agreement was worked out on Thursday evening.   Creditors in the High Court still have to accept the deal, but objections are not expected.   On March 6th Thomas Crosbie Holdings, the owner of the Sunday Business Post, had gone into receivership.    On the coming Friday the protection of 100 days from the High Court will run out.


Together with the managing director of Key Capital, Conor Killeen, who agreed to be an advisor, a deal of 750,000 has been agreed upon plus the commitment to invest a further 250,000.


Redundancy terms

Furthermore new terms for the staff concerning redundancy have been agreed upon. The staff of currently 76 had to vote and agree to the new conditions.

A rival bid came from CEO Frank Cronin.   Eight different parties had also shown interest, who by last week had been narrowed down to three.

Future plans about the newspaper have not been revealed.   In the last few years the revenue had fallen from 15.6 to 7.3 million.   After TCH had gone into receivership in March, Landmark had bought most of its assets.

 

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