COOKIES ON Meath Chronicle

We use cookies to ensure that we give you the best experience on our website. We also use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Meath Chronicle website. However, if you would like to, you can change your cookie settings at any time by amending your browser settings.

ACCEPT

Irish management team acquires Celtic Media Group for €5.5 million

Story by Tom Kelly

Thursday, 28th June, 2012 11:20am

Irish management team acquires Celtic Media Group for €5.5 million

Frank Mulrennan

Deal secures the future of 125 jobs and newspapers, including the Anglo-Celt, Meath Chronicle, Westmeath Examiner, Westmeath Independent and Offaly Independent

The Irish management team of Celtic Media Group, printer and publisher of regional newspapers including the Anglo-Celt, Meath Chronicle, Westmeath Examiner and Westmeath Independent, has acquired the business and assets of the group for €5.5 million.

The transaction will secure the future of the group's newspapers and its printing and publishing businesses, which employ 125 people.

The management team, headed by chief executive Frank Mulrennan and finance director Frank Long, will take full ownership of the business, which was previously owned by Scottish-based investors, including Dunfermline Press. Other shareholders will include non-executive chairman John Wood and other managers, including the editors of the group's newspapers and sales managers.

The acquisition followed a receivership process initiated by the Scottish-based board of directors of Celtic Media Group. All trade creditors and suppliers will be paid in full under the terms of the receivership, while the terms and conditions of employees will be unaffected by the change in ownership.

Michael O'Regan of PricewaterhouseCoopers was appointed receiver of Celtic Media Group at the request of the outgoing board yesterday (Wednesday 27th June). The Irish management team has acquired the business and assets of the group from the receiver with the backing of a €5.5 million loan from Lloyds Banking Group.

IBI Corporate Finance advised the management team on the acquisition.

Speaking after briefing staff colleagues today, Mr Mulrennan said: "We are delighted that Celtic Media Group's newspapers and its printing and publishing businesses are now under the full ownership of Irish management.

"Our group has consistently generated operating profits in the teeth of the recession but it suffered from a legacy debt burden that was unsustainable. This burden has been addressed fully and the group now has a financial structure that is appropriate to face the ongoing challenges presented by the current business environment."

He added: "We are dedicated to positioning our company to benefit from our exciting multi-platform digital strategy and from further consolidation in the regional media market, which we feel is inevitable."

Post a Comment

blog comments powered by Disqus

SHARE