Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Shutterstock/Bohbeh

Liquidator appointed to publisher of four Wexford Echo newspapers

It’s hoped a buyer can be found for the Wexford Echo, Gorey Echo, New Ross Echo and Enniscorthy Echo.

THE HIGH COURT has appointed a provisional liquidator to the publisher of four weekly newspapers that circulate in Co Wexford.

The court was told provisional liquidator Kieran Wallace will keep the Wexford Echo, Gorey Echo, New Ross Echo and Enniscorthy Echo open in the hope that a buyer for the titles can be found.

The four titles, which are owned by Wexford Echo Limited, employ a total of 30 people involved in journalism, advertising and sales, sub-editing, page production, finance and management.

Wallace was appointed as provisional liquidator, and granted certain powers, at the High Court this evening by Justice Paul Gilligan following an application by lawyers for the company.

The judge said he was satisfied to appoint Wallace, an insolvency practitioner with KPMG, after being informed the company is insolvent and unable to pay its debts.

The company, which is a member of the Landmark Media Group, also operates its own website.

Its directors are Thomas Crosbie, Noel Wall, Daniel Francis Linehan, Thomas Joseph Murphy and Sean O’Keeffe.

Decline in sales 

Seeking the appointment, Garvan Corkery BL for the company said the winding up order was being sought due to the decline of newspaper sales and advertising both globally and in Ireland.

This decline, counsel said, had caused trading difficulties for the sector generally and in particular the company.

Counsel said the company had been loss-making and, as of the end of May, had net liabilities of €834,000.

It had been dependent on the continued financial support of its affiliates in the Landmark Media Group to meet its liabilities. In light of its trading difficulties, Landmark had decided not to support the company any longer.

As a result, the company’s shareholder had passed a resolution that it be wound up and a provisional liquidator be appointed.

Wallace, counsel said, would be able to preserve the saleability of the titles and could affect a rapid sale if the demand for such a transaction emerges.

Any suspension of the publications, even temporary, could prejudice any possible sale of the titles, counsel said.

Counsel added that the company provides sub-editing and page production services for other titles in the Landmark Group: The Waterford News and Star and the Nationalist and Leinster Times.

The provisional liquidator would ensure that those services could also continue in the interim, the court heard.

Read: Man falsely claimed his wife and son died in Grenfell fire to get money and housing

Read: 8-year-old boy hit by car in Meath

View 11 comments
Close
11 Comments
    Install the app to use these features.
    Mute Hurt Stoogie
    Favourite Hurt Stoogie
    Report
    Jun 29th 2017, 6:12 PM

    We have the INM owned People/Guardian in Wexford also. Town like Enniscorthy doesn’t need 2 local papers. Sad to see though. Echo has been around for a long time.

    57
    Install the app to use these features.
    Mute P.J. Nolan
    Favourite P.J. Nolan
    Report
    Jun 29th 2017, 6:11 PM

    Can’t be a good time for anyone involved in the production of newspapers.

    38
    Install the app to use these features.
    Mute Caped Crusader
    Favourite Caped Crusader
    Report
    Jun 29th 2017, 8:34 PM

    Problem with the Echo was its lack of presence online, paper is on the shelves a full week before its uploaded online. Print papers are on the way out so papers, even local ones need to modernise to stay alive. Wexford man in Dublin and would love to read up on the news at home however by the time it’s available it’s old news. Very sad for those losing their jobs.

    25
    Install the app to use these features.
    Mute Tom Harpur
    Favourite Tom Harpur
    Report
    Jun 29th 2017, 10:31 PM

    @Caped Crusader: when I lived in Cork I could get it in Easons on The People on Thursday when it came out on Wednesday.

    6
    Install the app to use these features.
    Mute Jackson Bollovks
    Favourite Jackson Bollovks
    Report
    Jun 29th 2017, 11:00 PM

    Why does Wexford need 4 newspapers? Are Sky News opening a bureau there too

    7
    Install the app to use these features.
    Mute John Flanagan
    Favourite John Flanagan
    Report
    Jun 29th 2017, 6:51 PM

    No surprise here as internet is slowly killing the print media off…DOB, you have been warned!

    16
    Install the app to use these features.
    Mute Scundered
    Favourite Scundered
    Report
    Jun 29th 2017, 8:33 PM

    Adapt to the new technology or die

    6
    Install the app to use these features.
    Mute gamescentrel
    Favourite gamescentrel
    Report
    Jun 29th 2017, 6:21 PM

    of course denis o brien the globalist sellout is going to buy them and have more control over local media they already brainwash us enough in the other papers with fake news and other rubbish

    30
    Install the app to use these features.
    Mute Hurt Stoogie
    Favourite Hurt Stoogie
    Report
    Jun 29th 2017, 6:27 PM

    @gamescentrel: he owns 4 local titles in wexford already

    23
    Install the app to use these features.
    Mute Bairéid Rísteard
    Favourite Bairéid Rísteard
    Report
    Jun 29th 2017, 6:28 PM

    @gamescentrel: wonder if he’ll ever buy Waterford whispers :)

    34
    Install the app to use these features.
    Mute Alan Moran
    Favourite Alan Moran
    Report
    Jun 30th 2017, 6:03 PM

    The market is too small to support two papers, we alternated between the echo and people papers, but as someone else mentioned, the people has more of a online presence.

    1
Submit a report
Please help us understand how this comment violates our community guidelines.
Thank you for the feedback
Your feedback has been sent to our team for review.
JournalTv
News in 60 seconds