Small ads magazine and website Buy & Sell has been acquired from the receiver after it went into examinership earlier this year.
The receiver, Tom Kavanagh of Kavanagh Fennell, confirmed the purchase today. The classified ads company had been in examinership since June.
The business and assets of the newspaper and website have been acquired by a company representing the Loane family. Nelson Loane is former CEO of printing operation Adare group. His son, Elgin Loane, runs the Color Company which employs 100 staff and provides print, reprographics, mail and shipping services.
A statement said that the new owners plan to retain the 55 people employed by Buy & Sell and said that more staff may be taken on to work for the firm's online division.
“Buy & Sell has a turnover of €7 million and is a fundamentally profitable business with a strong heritage. We plan to implement some exciting developments in the future and to maintain its position as the leader in the classified ads sector in Ireland, said interim managing director, John P Eager.
“As a leading national brand, we believe Buy & Sell has tremendous potential. We have ambitious expansion plans and we will be investing substantially in developing both the newspaper and the website,” he added.