Associated Newspapers offloads Buy and Sell

IRISH advertising publication Buy and Sell has been sold for €20 million to Naldin, a company connected to Irish investment vehicle Boundary Group, which is headed by Niall McFadden.

It was sold on a debt-and-cash-free basis by Associated Newspapers, who are owned by the Daily Mail and General Trust (DMGT).

The decision to off-load Buy and Sell was announced in January and it was expected to generate much interest from Irish media groups.

Target Media Partners, a Los Angeles-based magazine and the Birr-based Midland Web Printing were other names associated with its purchase.

On announcing its decision to sell Buy and Sell, Associated said the disposal would allow it to focus on investing in its other Irish titles.

Associated Newspapers (ANL) managing director Kevin Beatty said at the time: “As Associated Newspapers will now be focusing entirely on titles with news content, we believe that the future interests of Buy and Sell will be better served in the hands of a new owner.”

ANL also said yesterday it has received several unsolicited enquiries from interested third parties regarding Loot, Buy and Sell's sister publication in Britain.

A statement released yesterday ANL said: “In view of this, the Board of ANL has announced its intention to initiate a review of its options in respect of Loot, which may include a sale or retention and redevelopment of the business.”

The print and online businesses of Loot in Britain was acquired by DMGT in 2001 and Loot is now a wholly owned subsidiary of ANL.