Menu
12/02/2002
SRH pays £6m for Longford Leader Group
Scottish Radio Holdings (SRH), the company which owns Portadown-based Morton Newspaper Group, has paid £5.85 million for the Republic's Longford Leader Group.
The Longford Leader has a 15,000 strong circulation in counties Longford, Cavan, Leitrim, Westmeath and Roscommon.
There are two stipulations on the deals successful conclusion: Firstly, that the Republic's Minister for Enterprise, Trade and Investment rubber stamps the deal and, secondly, that SRH can raise extra funds through the issue of new ordinary shares into the market.
SRH Chief Executive, Richard Findlay, said: " We are delighted with this expansion of publishing division which now has an increased and significant presence in Ireland. I am pleased to welcome the employees and readers of the Longford Leader to the SRH family."
The company, which owns radio stations Cool FM and Downtown Radio in Northern Ireland, owns a variety of media outlets throughout the UK.
SRH has been active in the market in recent months and have made several large cash outlays to broaden their broadcast and media stock. Last summer it purchased the 60 per cent of Carlisle radio not already owned by CRH for £3.15 million in cash. That expenditure was offset later in the year by the sale of the Ireland on Sunday Ltd to Associated Newspapers Ltd for £7.4 million.
On November 5 SRH purchased the entire issued share capital of Southampton-based radio station Wave 105 for £18 million in cash. Then on November 14 the group announced its intention to buy over the remaining 76 per cent of Radio Ireland Ltd, owners of Today FM, for £36.4 million.
On the back of this, following last November's annual report, Chairman Lord Gordon of Strathblane, offered a clear statement of intent after the company reported an increase in turnover to £79.8 million.
He said: "The group's strong balance sheet positions SRH well to take advantage of good acquisition opportunities which are now emerging."
The Longford Leader Group acquisition represents the first stage of that expansion process. However in for the first three months of the year like-for-like revenues for the Group were reported to be 'down slightly' on the same period last year.
At close of trading on Tuesday, the group's shares closed 2.5p down at 820p.
(GMcG)
The Longford Leader has a 15,000 strong circulation in counties Longford, Cavan, Leitrim, Westmeath and Roscommon.
There are two stipulations on the deals successful conclusion: Firstly, that the Republic's Minister for Enterprise, Trade and Investment rubber stamps the deal and, secondly, that SRH can raise extra funds through the issue of new ordinary shares into the market.
SRH Chief Executive, Richard Findlay, said: " We are delighted with this expansion of publishing division which now has an increased and significant presence in Ireland. I am pleased to welcome the employees and readers of the Longford Leader to the SRH family."
The company, which owns radio stations Cool FM and Downtown Radio in Northern Ireland, owns a variety of media outlets throughout the UK.
SRH has been active in the market in recent months and have made several large cash outlays to broaden their broadcast and media stock. Last summer it purchased the 60 per cent of Carlisle radio not already owned by CRH for £3.15 million in cash. That expenditure was offset later in the year by the sale of the Ireland on Sunday Ltd to Associated Newspapers Ltd for £7.4 million.
On November 5 SRH purchased the entire issued share capital of Southampton-based radio station Wave 105 for £18 million in cash. Then on November 14 the group announced its intention to buy over the remaining 76 per cent of Radio Ireland Ltd, owners of Today FM, for £36.4 million.
On the back of this, following last November's annual report, Chairman Lord Gordon of Strathblane, offered a clear statement of intent after the company reported an increase in turnover to £79.8 million.
He said: "The group's strong balance sheet positions SRH well to take advantage of good acquisition opportunities which are now emerging."
The Longford Leader Group acquisition represents the first stage of that expansion process. However in for the first three months of the year like-for-like revenues for the Group were reported to be 'down slightly' on the same period last year.
At close of trading on Tuesday, the group's shares closed 2.5p down at 820p.
(GMcG)
Related Northern Ireland News Stories
Click here for the latest headlines.
19 May 2023
AIB Group Announces Second Annual €1 Million Fund
Some 70 community charity groups across Northern Ireland and the rest of the UK are set to benefit from the latest AIB Group's €1 Million Fund. The bank is asking its customers, employees and the wider public in Northern Ireland to nominate registered charities that connect with causes that matter most to them.
AIB Group Announces Second Annual €1 Million Fund
Some 70 community charity groups across Northern Ireland and the rest of the UK are set to benefit from the latest AIB Group's €1 Million Fund. The bank is asking its customers, employees and the wider public in Northern Ireland to nominate registered charities that connect with causes that matter most to them.
15 November 2001
Scottish Radio Holdings snap up Ireland’s Today FM station
A major Scottish media group, which controls two Ulster radio stations and a local newspaper group, have become the majority stakeholder in Ireland’s Today FM radio station. Scottish Radio Holdings (SRH) paid £36.4 million to become the major holder in the station and follows its acquisition of Southampton-based Wave 105 earlier this month.
Scottish Radio Holdings snap up Ireland’s Today FM station
A major Scottish media group, which controls two Ulster radio stations and a local newspaper group, have become the majority stakeholder in Ireland’s Today FM radio station. Scottish Radio Holdings (SRH) paid £36.4 million to become the major holder in the station and follows its acquisition of Southampton-based Wave 105 earlier this month.
28 June 2024
Remarkable Marketing Award Winners Revealed At Industry Event
The inaugural Remarkable Marketing Awards recognised 20 experts across the industry recently at a glittering awards ceremony at the Europa Hotel. Sponsored by Card Group Research, the awards were created by the team behind the hugely popular annual Big Marketing Meet Up conference.
Remarkable Marketing Award Winners Revealed At Industry Event
The inaugural Remarkable Marketing Awards recognised 20 experts across the industry recently at a glittering awards ceremony at the Europa Hotel. Sponsored by Card Group Research, the awards were created by the team behind the hugely popular annual Big Marketing Meet Up conference.
03 June 2024
Remarkable Marketing Award Winners Recognised At Industry Event
The inaugural Remarkable Marketing Awards has recognise 20 experts across the industry at a glittering awards ceremony at the Europa Hotel. The awards, sponsored by Card Group Research were created by the team behind the hugely popular annual Big Marketing Meet Up conference, and were held on Friday 31st May at the Europa Hotel in Belfast.
Remarkable Marketing Award Winners Recognised At Industry Event
The inaugural Remarkable Marketing Awards has recognise 20 experts across the industry at a glittering awards ceremony at the Europa Hotel. The awards, sponsored by Card Group Research were created by the team behind the hugely popular annual Big Marketing Meet Up conference, and were held on Friday 31st May at the Europa Hotel in Belfast.
28 November 2016
RMS To Create Over 300 New Jobs
RMS Group Services has announced it is to create over 300 jobs over the next five years following a £1.25million investment from the Growth Loan Fund. One hundred of the new jobs will be located in Belfast with the remainder based across its Slough and Dublin operations.
RMS To Create Over 300 New Jobs
RMS Group Services has announced it is to create over 300 jobs over the next five years following a £1.25million investment from the Growth Loan Fund. One hundred of the new jobs will be located in Belfast with the remainder based across its Slough and Dublin operations.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
