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Tch to restructure with job losses at webprint

Thursday, 7th March, 2013 2:30am

Over 50 full and part-time jobs could be lost in Mahon at WebPrint Concepts as a result of a complex restructuring process underway at the Thomas Crosbie Holding media group, which includes titles such as the Irish Examiner, the Evening Echo and Red FM.

Thomas Crosbie Printers Ltd is to be liquidated with the loss of 12 jobs according to a statement from the group.

Managing director of WebPrint Concepts Donagh O'Doherty told the Cork Independent that approximately 50 jobs could be lost in his company as a result of the move, which it's feared could close the plant.

However, it is thought that hundreds of jobs at the company's newspaper and radio interests will be saved by the restructuring.

Buyout

Kieran Wallace of KPMG was appointed as receiver to the TCH group on Wednesday while Landmark Media Investments, a holding company owned by Tom and Ted Crosbie, purchased the Irish Examiner, the Evening Echo, the Waterford News and Star and the Wexford Echo.

The company intends to purchase radio stations WLR and Beat 102 in Waterford and Red FM in Cork, subject to regulatory approval.

Landmark Media Investments Ltd. will be managed by Tom Murphy, CEO of TCH, along with other members of the former management team. The Landmark Media Investments titles will now be printed by the Irish Times Printing Press at City West, Dublin

“Following a prolonged period of uncertainty, today's developments represent an important opportunity for the Irish Examiner and associated titles and media to make a fresh start and that is very welcome news,” said Mr Murphy.

“In a challenging environment, this re-structuring and consequent acquisition provides a stable platform from which to build a sustainable business. I look forward to working closely with the management and staff to review and improve operations to successfully achieve this aim.”

“I would like to thank all staff members for their support, commitment and especially for their patience in recent months.”

Examiners

As part of the re-structuring the Sunday Business Post will apply to the High Court for the appointment of an examiner to the company. “The 554 people employed in the operations of TCH to be acquired will transfer to Landmark Media Investments Ltd. under existing employment terms and conditions and, where appropriate, in accordance with transfer of undertakings legislation,” read a statement from Drury PR, on behalf of the group.

The Sunday Business Post, which employs 76 people, will continue to trade under the protection of the High Court and with the input of the interim examiner, if appointed. The examiner will decide on a plan on the viability of the newspaper.

The financial re-structuring has been carried out with the support of the group's bank, AIB.

Landmark Media Investments has also acquired Recruit Ireland and The Nationalist newspaper titles along with the Western People and Roscommon Herald.

The company insisted that the all the titles and stations will continue to trade and a commitment was made to maintain communications with employees over the coming weeks.

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