The Sunday Business Post
|Owner||Key Capital and Cooke.|
The Sunday Business Post is an Irish national Sunday newspaper. It was previously owned by Thomas Crosbie Holdings. The Sunday Business Post is now owned by Key Capital, Paul Cooke and staff members (6% equity for staff).
The paper's first edition appeared on 26 November 1989. While the group's other major newspaper titles, the Irish Examiner and Evening Echo, are based in Cork, The Post is published in Dublin. The paper describes itself as "Ireland's Political, Economic and Financial Newspaper". It is a general newspaper with a strong emphasis on commerce, politics and financial markets. The newspaper does not have a sports section. Three supplements are published weekly with the newspaper: The Market, which concentrates on Irish Stock Exchange and company news; The Magazine, an entertainment and features magazine; and a property supplement. A once-monthly Computers in Business magazine is also included.
Cliff Taylor is the current editor of The Sunday Business Post. The paper was printed in Cork by Webprint.
Circulation and business
According to the Audit Bureau of Circulations, Ireland, the average weekly circulation was 57,783 for the period January to June 2009. The average weekly circulation was subsequently down to 41,040 for the period January to June 2012. This represented a fall in circulation of 14% on a year-on-year basis. Circulation then further declined to 39,416 for the period July to December 2012. This represented a fall in circulation of 9% on a year-on-year basis.
Annual revenue has falled from €15.3 million to €7.3 million in the last 5 years to 2013. Circulation revenue has fallen from €4.9 million to €3.6 million in the last 5 years to 2013. The newspaper has 76 full-time employees, and 123 freelance contributors and has made a loss of €1.2 million in the year to 2013.
Examinership and subsequent new owners
An interim examiner was appointed to Post Publications Ltd, publisher of the Sunday Business Post newspaper, on 7 March 2013. The High Court was told that a voluntary redundancy scheme may occur at the newspaper in late 2013 which would target 25 staff positions. This may coincide with pay cuts of 7% for employees of the newspaper and further possible changes as part of a financial restructuring plan for the company, the court was told.
The examiner was formally appointed to the company on 15 March 2013.
It was reported on 28 April 2013, that 2 companies are interested in acquiring The Sunday Business Post from the examiner. Landmark Media is no longer interested in the title. It was also reported that the Sunday Business Post requires an investment of at least €2m to acquire the paper and restructure it. Any new bidder will have to fund the cost of laying off some staff.
On 8 May 2013 it was reported that the Sunday Business Post has started staff redundancies. Up to 10 staff are to leave the company by 10 May 2013. Staff were also told about a third pay cut. Post Publications are also looking to reduce the amount paid to their landlord by 1 million euro per year.
It was reported on 12 May 2013 that bidders for The Sunday Business Post included Michael Brophy, a former chief executive of Independent News & Media (Northern Ireland).
On 15 May 2013, Post Publications were back in court. They reported that the examiner has failed to find a buyer in the first 70 days of the examinership. The examiner was given a final 30 day extension to find a buyer. If a buyer does not materialise, the examiner must advise the court immediately.
On 8 June 2013, it emerged that Key Capital, Paul Cooke and staff (6% equity for staff) have acquired the Sunday Business Post.
Examinership ended on 19 June 2013. The new company, who owns the Sunday Business Post, is called Brindisi Limited. Brindisi Limited have taken out a 350,000 EUR loan to part fund the purchase.