West Cork family buys Buy & Sell

Classifieds magazine and website Buy & Sell has been bought by a family from west Cork, who have pledged to retain current staff and expand the business.

The Loane family from Inishshannon have said they see potential for new jobs in the online side of the business. Buy & Sell currently employs 55 people.

Buy & Sell had been placed in receivership, with the receiver, Tom Kavanagh of Kavanagh Fennell, confirming its sale today.

Interim managing director, John P. Eager said: "Buy & Sell has a turnover of €7m 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."

The purchasers were advised by Tom Barry of DBL Capital and the legal advisers were Eversheds O’Donnell Sweeney.

Nelson Loane is a former CEO of printing operation Adare group. His son, Elgin Loane, runs the Color Company which employs 100 staff and provides print, reprographics, mail and shipping services to a variety of organisations in central London.