Celtic Media makes €1.6m profit after buyout

Pre-tax profits at rescued regional newspaper group, Celtic Media totalled just under €1.6m in its first year of operation, new figures show.

In 2012, local management — led by former agriculture and business editor with The Irish Independent, Frank Mulrennan — bought out the publisher of The Meath Chronicle, The Anglo Celt, The Westmeath Examiner, The Offaly Independent and The Westmeath Independent; for €5.5m.

The assets acquired were put together at for close to €65m in the early 2000s by the Scottish newspaper group Dunfermline and other investors who created Celtic Media.