Irish Post saved by Cork businessman

LONDON-BASED newspaper The Irish Post which was placed into voluntary liquidation in August, has been bought as a going concern by Cork-born businessman Elgin Loane, for an undisclosed sum.

Mr Loane from Innishannon owns the popular London-based free ads paper, Loot and previously, along with his father, bought Buy and Sell out of liquidation.

The Irish Post — a representative of the Irish community in Britain for more than 40 years — ceased publication in August.

Irish Examiner/ Evening Echo owner Thomas Crosbie Holdings (TCH) placed it in voluntary liquidation due to the economic downturn significantly affecting the title’s advertising revenues.

More than a dozen jobs were lost at the publication as an immediate result; although staff claimed that the newspaper had a higher than reported circulation and held potential for increased sales due to a rise in emigration from Ireland.

TCH bought the title in 2003, for around €2.5m, from the Jefferson Smurfit Group.

Reports had suggested that around five companies were in the frame to buy the title from its liquidator; the Newry-headquartered firm, FPM Chartered Accountants.

Rumoured suitors — along with Mr Loane, were New York-based Irish Voice owner, Niall O’Dowd and Paddy Cowan, the founder of rival London-Irish title, The Irish World.

Whilst full details as to Mr Loane’s plans for the newspaper, are not clear; a spokesperson for the Save the Irish Post campaign said that the title will be back on newsstands “very soon”.