LIQUIDATOR APPOINTED TO ECHO NEWSPAPER GROUP

The High Court has appointed a provisional liquidator to the Echo Newspapers.

30 people are employed by the company.

The High Court was told the provisional liquidator, Kieran Wallace from KPMG, will keep the Echo Newspaper open in the hope that a buyer for the four titles can be found.

The papers – the Enniscorthy Echo, the Wexford Echo, the New Ross Echo and the Gorey Echo are owned by Wexford Echo Limited which employs a total of 30 people.

They work in the areas of journalism, advertising and sales, sub-editing, page production, finance and management.

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

The Judge said he was satisfied to appoint Mr Wallace, after being informed the company is insolvent and unable to pay its debts.

Legal Counsel 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.

The court was told the paper had been making losses and as of the end of May had net liabilities of €834,000.

Staff at the newspaper were sent text messages and given a short time to attend a meeting in Enniscorthy yesterday evening.

The Regional Director with Landmark media, Dan Linehan, said “regrettably. the economic climate, declining circulation and being the second title in the very competitive local Wexford market have resulted in this situation”.

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