Management buy-out safeguards 125 Celtic Media Group jobs
28 June 2012
125 jobs at the Celtic Media Group have been safeguarded following the acquisition of the company by the Irish management team. The company publishes the Anglo Celt, Meath Chronicle, Westmeath Independent, Westmeath Examiner and Offaly Independent.
It was announced this morning that the management team has acquired the business and assets of the group for €5.5 million from Dunfermline Press.
The National Union of Journalists has welcomed the news. Nicola Coleman, NUJ Irish Organiser, said journalists working on the titles would welcome an end to the uncertainty surrounding the future of the company.
Nicola Coleman said:
"We welcome the strong assurances that jobs will be retained and that existing terms and conditions of employment will be maintained. The NUJ enjoys a positive relationship with management and union members have played a constructive role in recent years in seeking to secure the future of Celtic Media as the company struggled with a massive historic debt burden."
Barry McCall, NUJ Vice President said:
"I welcome the return of these titles to Irish owners. All the newspapers in the group have a proud heritage. This is a good news story. The fact that the titles are now owned by management based locally and with local knowledge is a welcome departure at a time when other publishers are ignoring the central importance of local ownernership, control and governance.
"The return of the titles from Scottish to Irish hands will be welcomed by staff, readers and advertisers."
Séamus Dooley, NUJ Irish Secretary said:
"This is a good news story and I wish the new management team well in their endeavours. Regional newspapers still play an important role in Irish life and it is important that the company will now be owned by people with an in-depth knowledge of the Irish newspaper industry, from an editorial and commercial perspective."