With five weekly editions, the classified-ads newspaper Buy and Sell and its popular BuyAndSell.ie are familiar features in Ireland. That wasn’t enough, however, to prevent the company going into receivership in June with debts of €18.3 million owed to National Irish Bank.

When it went into receivership, the magazine was owned by investment company Boundary Capital, which had bought Buy and Sell in 2007 for €28 million. But the investment company is now disinvesting several of its assets.  Buy and Sell’s current level of debt stems from that purchase. The paper’s management has continued to insist that as a business it is profitable but without restructuring the debt to the bank it remains insolvent.

It seems that Nelson and Elgin Loane — previously best known as the owner-managers of the Adare printing and packaging group — agree with that assessment. The receiver, Tom Kavanagh of Kavanagh Fennell, has confirmed that a company backed by the Loanes has bought the classifieds publisher.

“Buy & Sell has a turnover of €7 million and is a fundamentally profitable business with a strong heritage,” commented interim managing director John Eager; himself a former Adare executive.

“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 Web site.”

A blackout has been imposed on the financial details of the transaction and currently there are only speculative figures for the amount involved.

Print Friendly, PDF & Email