Acquisition will secure the business going forward.
It has been announced that the Irish management team of Celtic Media Group has purchased the business for €5.5m.
Commentators have said that the deal will secure the future of the group’s newspapers and its printing and publishing businesses. These include the Anglo-Celt, Meath Chronicle, Westmeath Examiner and Westmeath Independent.
The management team, which is headed by chief executive Frank Mulrennan and finance director Frank Long, were quoted as saying that they were delighted with their acquisition.
Commenting on the acquisition, Mulrennan said that Celtic Media had consistenly generated operating profits despite the recession but had suffered from a legacy of unsustainable debt. He believes that the management acquisition has addressed this burden of debt and that the group now has a financial structure that will help them face future challenges in the current business environment.
"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."
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