The Sunday Business Post
|Owner(s)||Sunrise Media (Key Capital are shareholder) |
The Sunday Business Post is a Sunday newspaper distributed nationally in Ireland.
The Sunday Business Post was previously owned by Thomas Crosbie Holdings (TCH). It was then now owned by Key Capital, Paul Cooke and staff members (6% equity for staff). It is now owned by Sunrise Media who's shareholders include Key Capital.
The paper's first edition appeared on 26 November 1989. While TCH's other major newspaper titles, the Irish Examiner and Evening Echo, are based in Cork, the Post was 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.
In July 2014, Post Publications Ltd., the publisher of the paper, announced that Cliff Taylor would leave the paper after ten years as editor. Pat Leahy, the paper's deputy editor and political editor, was the paper's acting editor until Ian Kehoe was made editor.
- Circulation was 57,783 for the period January to June 2009.
- Circulation was 41,040 for the period January to June 2012.
- Circulation was 39,416 for the period July to December 2012.
- Circulation was 33,233 for the period July to December 2014.
- Circulation was 32,498 for the period January to June 2015.
- Circulation was 31,364 for the period January to June 2016.
- Circulation, including bulks, fell to 30,244 for the period July to December 2016. Bulk copies were 1,494 on average for the period.
Annual revenue fell from €15.3 million to €7.3 million in the five years to 2013. Circulation revenue fell from €4.9 million to €3.6 million in the last 5 years to 2013. The newspaper had 76 full-time employees and 123 freelance contributors, and made a loss of €1.2 million in the year to 2013.
30 June 2014 accounts
Post Publications Limited made a pre-tax loss of €628,000. Post Publications Limited paid €409,374 for redundancy payments and a new premises. Shareholders have pumped an additional €300,000 into the company. Staff numbers have reduced again. Post Publications employed an average of 61 people in the year to the end of June 2014. Both circulation and advertising revenue remain “under pressure”, the directors noted.
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 there might be a voluntary redundancy scheme at the newspaper in late 2013 which would target 25 staff positions. This could coincide with pay cuts of 7% for employees 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 two companies were interested in acquiring The Sunday Business Post from the examiner. Landmark Media, which was connected to the Crosbie group, was no longer interested in the title. It was also reported that The Sunday Business Post required an investment of at least €2m to acquire the paper and restructure it. Any new bidder would have to fund the cost of laying off some staff.
On 8 May 2013, it was reported that the Sunday Business Post had started staff redundancies. Up to ten staff were to leave the company by 10 May 2013. Staff were also told about a third pay cut. Post Publications were also looking to reduce the amount paid to their landlord by €1 million 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 had 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 did 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) had acquired The Sunday Business Post.
Examinership ended on 19 June 2013. The new owners of the Sunday Business Post, Brindisi Ltd, took out a €350,000 loan to part-fund the purchase. Several staff left the paper, including former chief executive Fiachra O'Riordan, former senior assistant editor Kieron Wood and former deputy chief sub-editor Garvan Grant.
2016 Ownership Change
On 13 July 2016, it was announced that Paul Cooke had sold his stake to Key Capital. Paul Cooke also resigned as managing director.
The The Sunday Business Post is now owned by Sunrise Media. The main shareholder in Sunrise Media is Conor Killeen's Key Capital. Sunrise also owns the Cork-based printing company Webprint Concept.
- "New book by James Morrissey focuses on life long ago on Galway islands". IrishCentral. Archived from the original on 1 June 2015.