Takeover deal agreed at Sunday Business Post newspaper

Saturday 08 June 2013 09.34
It is understood staff at the Sunday Business Post are to be offered 6% of the company under the deal
It is understood staff at the Sunday Business Post are to be offered 6% of the company under the deal

The Sunday Business Post is to be bought by Irish investment company Key Capital and Paul Cooke, a former executive with the Irish Daily Star.

The takeover is subject to the agreement of creditors, however it is unlikely that there will be any objection.

The examiner to the company Michael McAteer of Grant Thornton will also have to get the agreement approved by the High Court.

Key Capital is a capital markets and corporate finance business headed by Conor Killeen and has offices in Dublin and London.

The Sunday Business Post has been in examinership following a restructuring of Thomas Crosbie Holdings, which owned newspapers including the Irish Examiner.

It is understood staff at the Sunday Business Post are to be offered 6% of the company under the deal.

They have also been asked to sign a letter confirming that they would only be entitled to statutory redundancy if they are made redundant. This would affect the terms of earlier redundancies offered to staff.

The company currently employs around 74 staff.

It is understood it is being bought for €750,000 with a commitment to a further €250,000 investment.