Buy & Sell's long term future has been assured after its sale was confirmed today by the company's receiver, Tom Kavanagh of Kavanagh Fennell.
The business and assets of the classified advertising sales newspaper and website has been bought by a company representing the Loane family. The new owners plan to retain the current workforce of 55 with potential for new job creation on the online side.
Interim managing director John P Eager has been appointed to run the company.
During the summer, the High Court was told that the company was insolvent and unable to restructure a debt of €18.3m, mainly owed to National Irish Bank.
'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,' Mr Eager said.
