The Westmeath Examiner Group has been bought out by the Irish holding company of Dunfermline Press in a deal believed to be worth about €20 million. Emmet Oliver reports
The Westmeath Examiner group consists of three papers - the Westmeath Examiner, the Westmeath Independent and the Offaly Independent.
All three have been purchased by Celtic News Group, a company set up by Dunfermline in December 2002 for its Irish businesses.
The driving force behind both companies is Ms Deirdre Romanes, chief executive of Dunfermline whose family comes from Co Meath.
The purchase price was not disclosed, but media analysts put it at about €20 million.
Celtic News Group has been one of the most aggressive entrants to the Irish provincial newspaper market in the past two years.
In January, it paid €15 million for the Anglo Celt, one of the Republic's oldest newspapers.
In December 2002, Dunfermline bought the Meath Chronicle and its printing press for €30.5 million. Six members of the Davis family, which had owned the newspaper for decades, shared the proceeds.
In this case, the beneficiaries are Mr Martin Nally (with a 90 per cent stake) and chairman Mr Ron Carroll, with 10 per cent. Based on a 90 per cent stake, Mr Nally could receive about €18 million.
Mr Carroll, an accountant of Shrewsbury Road, Ballsbridge, stands to receive approximately €2 million. He said the papers were becoming part of a "strong and progressive company" that was interested in the development of rural Ireland.
Mr Carroll said the newspaper group had to "take stock of the changing times and look to the future".
Under the deal, the Celtic News group will print the newspapers and Mr Carroll said there would be a large increase in colour availability.
Ms Romanes said she wanted the existing management team to remain in place and this fitted with the ethos of the Celtic News Group.
Westmeath Examiner Limited reported accumulated profits of more than €3 million in the year ended March 31st, 2003. This was up from €2.6 million in the year before.
