Newspaper staff look for share of €50million sale price

STAFF at the Limerick Leader are looking for a share of the €50 million which Scottish Radio Holdings is expected to pay for the family-owned newspaper business.

Neither Scottish Radio Holdings nor the Limerick Leader would comment on the impending sale of one of the country’s strongest local newspaper franchises.

However, it is understood all but the final details have been agreed and an announcement is expected in the coming weeks.

The paper has been wholly-owned by the Buckley family and their descendants since it was founded by Jeremiah Buckley in 1889.

The main beneficiaries of any sale of the paper will be John Wright, who owns 33% of the company, Shane and Michael McAuliffe, who own 33%, and the families of the late Jerry Buckley and Niall Buckley, who own the remaining 33% of the company.

Media speculation that Thomas Crosbie Holdings (TCH), owners of the Irish Examiner, were involved in bidding for the Limerick Leader was discounted by TCH managing director Anthony Dinan, who said TCH was not involved in any way in bidding to buy the paper.

The Limerick Leader offices, housed in a totally refurbished Georgian building, and its modern printing press, stand on a valuable extensive city centre site fronting onto O’Connell Street in the city.

Sources from within the newspaper say the 75 staff are looking for a share of the 50 million sale price. Staff argue their key role in the development of the business in terms of dedication to work, coping with new working conditions arising from a scaled down workforce and modest wage demands merits a share of the sale price.

It is understood the Limerick Leader makes annual profits of 1.5 million a year and a sale price of 50 million looks very expensive, despite the strong franchise it holds in the city and county.

The company has closed its commercial printing operation but continues to sell print capacity on an out-sourced basis. The company’s recently installed modern printing press also prints a number of other newspapers on a contract basis.

If the paper is sold for 50 million it will set a new benchmark for regional newspaper titles in Ireland and may entice owners of other strong regional newspapers to cash-in on the vastly improved values available for assets in the regional media sector.