A BUYER has been found for the Irish-owned classified sales business Buy & Sell, which went into examinership in June.
Tom Kavanagh of Dublin-based insolvency specialist Kavanagh Fennell said that a new buyer providing "the best prospect of securing the future of the business as a going concern" had been found.
The identity of the buyer, however, has not been disclosed and will not be until the terms of the agreement have been finalised.
Mr Kavanagh added that no disruption to Buy & Sell’s publications or its website is anticipated while the deal is being finalised.
He added that the deal comes after an investment agreement, acceptable to all creditors of the group, between the examiner and a previous bidder could not be finalised.
In the aftermath of that failed deal, Mr Kavanagh contacted a number of parties who had previously expressed an interest in the business "and an acceptable offer has now been made".
The formal ending to the company’s court protection period is expected at a High Court hearing set for noon today, after an application to that end was lodged yesterday.
"It is expected that a business and asset sale agreement can be concluded swiftly by receivership or court liquidation," Mr Kavanagh.
Boundary Capital bought Buy & Sell from Associated Newspapers two years ago for around €28m.
Although the business was said to be "fundamentally profitable", the owners were unable to restructure debts of €18.3m owed to National Irish Bank, ultimately leading to the company going into examinership.
a d v e r t i s e m e n t
This appeared in the printed version of the Irish Examiner Wednesday, September 30, 2009
