55 jobs saved as Cork family takes over Buy & Sell

A CORK family has bought classified advertising newspaper Buy & Sell and plans to invest substantially in its development.

The purchase will save the 55 jobs at the publication. And the new owners plan to create more jobs through the development of its online operation.

Buy & Sell had been in receivership and the price being paid for the business is not being disclosed.

Former Adare Group chief executive Nelson Loane and his son Elgin from Inishshannon are the new owners.

A company spokesman said that long term, the objective is to grow the magazine and online offering.

“The business is profitable and we see it as having even more potential now the paper has owners willing to invest in the business,” he said.

John P Eager has been appointed interim managing director. He was formerly an executive with Adare Group and has recently returned to Ireland after completing an MBA at the University of New Hampshire, USA. Elgin Loane runs the Color Company, which employs 100 staff and provides printing services in London.

Mr Eager said: “Buy & Sell has a turnover of€7 million and is a fundamentally profitable business with a strong heritage.

“We plan to implement some exciting developments in the future and to maintain its position as the leader in the classified ads sector in Ireland.

“As a leading national brand, we believe Buy & Sell has tremendous potential. We have ambitious expansion plans and we will be investing substantially in developing both the newspaper and the website.”