CORK-BASED MEDIA group Thomas Crosbie Holdings is seeking further pay cuts from staff at the Sunday Business Post.
Staff at the title agreed to pay cuts of between 5 and 8 per cent a number of months ago in the expectation that management would not ask them for further concessions for another year.
However, yesterday, executives told staff the company was seeking further pay cuts, this time around half the reductions agreed earlier this year. The company is also seeking a cut in the number of days worked by some production staff at the paper.
Workers are understood to be angered by the request. Sources yesterday suggested trade union representatives at the paper were considering referring the matter to the Labour Relations Commission.
No comment was available from Thomas Crosbie Holdings yesterday. The company bought the Sunday Business Postin 2002 for €10 million. It owns and publishes the Irish Examinerand Cork Evening Echotitles, as well as a range of provincial titles. It also holds stakes in a number of radio stations.
The most recently available accounts show that in 2008, turnover fell 6 per cent to €106 million, and operating profit dropped from €12.8 million to €5.6 million.
The group also took a €5.4 million writedown on investments and the bottom line showed a €2.7 million net loss compared with a €10.8 million net profit the year before.
