Editor insists title will survive despite losses

THE editor of aircraft financier Domhnal Slattery’s newspaper venture said yesterday that The Clare People will survive.

Emmet Moloney was commenting as new accounts show that the paper has run up losses totalling €5.1 million since it was established six years ago.

According to accounts just filed by Clare College News Ltd for 2010 and 2009 to the Companies Office, the paper recorded a loss last year of €287,697 and this followed a loss of €473,859 in 2009.

Mr Slattery and developer Sean Lyne established the paper in their hometown of Ennis in 2005.

However, figures show that the company’s accumulated losses stood at €4.9m at the end of December last and a note attached to the accounts states unaudited management accounts to the end of September confirm further losses of €195,000.

The note states: “The directors note that this loss reflects certain ‘one-off’ costs relating to the restructuring of the business. When these are excluded, the trading loss is €97,000 — a reduction of 27% on the period to September 30, 2010.”

Mr Moloney said yesterday: “Survival is the name of the game within the industry right now and The Clare People will survive.

He said: “The board of directors remain confident that the company is on a sound footing and their support for the jobs The Clare People provides in Clare is undiminished. The same is true of the ongoing support from our readers and advertisers.”

Mr Moloney pointed out: “Like most newspapers in Ireland, The Clare People is finding the current economic conditions difficult. However, over the past year we have implemented a restructuring plan that has brought savings, narrowed losses and helped us to safeguard the 17 direct jobs The Clare People provides.”

Mr Slattery’s main business focus is aircraft leasing firm Avolon that has raised $4 billion (€2.98bn) in equity and debt and has a committed fleet of 88 aircraft, with 25 customers in 18 countries.

The accounts state that Mr Slattery and Mr Lyne own 84.75% of the company’s shares.

The directors state that the loans advanced to the company will not be repayable until such time as the company is profitable.

The Clare People’s latest ABC figures show its circulation decreased by 11.5% in 2010 down to 7,602.