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  1. #11
    Warren Poynt Warren Poynt is offline

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    Quote Originally Posted by sandar View Post
    I wokred on a couple of TCH titles for about half a decade, furstrating to say the leats. The first one on which I worked is a good example of their commercial strategy and ultimate failings. They bought it because it was the second largets of the county's three local newsppaers. The idea being that with investment and savings made from economies of scale they could make it the largest. The initial investment paid off....the circulation rose quite dcramtically,. but just as it was on the cusp of becoming a very good title...TCH..having somehat overstretched themselves elsewhere with their constant expansion....needed to take what profit they could from the title on which I worked...so the expansion plan halted...lots of very excellent staff(much better than I was and mroe senior) left as the promised investment dried up...the title went backwards where it remains..and may not survive at alll....

    The second one on which I worked..much better known...the business plan was to use synergies to drive down costs...but just as they were starting to pay fruit...the recession hit an the stitle had to be taken into recievrship where it has been bought by new onwers...

    so in short...over expansion in the good times has left little room for maneuvre in the bad times
    Thanks Sandar for your input to this thread. You seem to have witnessed first hand the stop-go attitude of the TCH Group.

    See you are living in London........how is the Irish Post (now under ownership and management) doing today ?
    Last edited by Warren Poynt; 16th July 2012 at 04:47 PM.
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  2. #12
    Warren Poynt Warren Poynt is offline

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    Quote Originally Posted by Dylan2010 View Post
    The Irish Voice or the Irish Post? I know the Irish Post closed down last year, it used to be owned by Smurfits until they sold it on
    Apologies to you Dylan and other posters. I should, of course, referred to the Irish Post. The Crosbie organisation purchased it from the Smurfit Group.
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  3. #13
    Davidoff Davidoff is offline

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    I suspect the whole newspaper industry is close to the brink.

    The next generation of consumers simply won't buy papers, and the hugely lucative property advertising that kept the industry afloat during the boom will never come back at those levels.

    There will always be people around to buy papers (like my old man and his daily Indo) but to be viable the industry requires a large-scale readership, and I suspect that sort of mass market is gone forever.
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  4. #14
    Dylan2010 Dylan2010 is offline

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    Quote Originally Posted by Warren Poynt View Post
    Apologies to you Dylan and other posters. I should, of course, referred to the Irish Post. The Crosbie organisation purchased it from the Smurfit Group.
    no worries, whoever bought them must have been smoking something, they were essentially relying on Irish migrants of the 50's and 60's. there was no way to grow them as businesses
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  5. #15
    gijoe gijoe is offline
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    Quote Originally Posted by Davidoff View Post

    There will always be people around to buy papers (like my old man and his daily Indo) but to be viable the industry requires a large-scale readership, and I suspect that sort of mass market is gone forever.
    I am in my early 40's and am from one of the last generations who saw their dad bringing home a daily paper and carried on that myself in my adult years - although I have stopped now and the only paper I buy these is the Sunday Times, I used to buy a daily paper and 3 Sundays!!

    However, the big issue facing the newspaper industry is that the generational link in buying papers is now gone and will never be re-established so no matter what they do it will be continuing declines until we are down to only one daily 'news' paper and 2 or 3 'comics' i.e. red tops.
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  6. #16
    Warren Poynt Warren Poynt is offline

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    Thanks, Dylan. Under the Alan Crosbie/Anthony Dinan aegis, the company leveraged some of its old long-held assets to go on a spending-spree often with easy credit from the banks.

    Yes, some if not most of those purchases, may now be worth much less than the Crosbies paid for them. But, join the club. Don't many Irish people now own homes whose value is much less than what they were originally purchased for.

    But when TCH has 28 million Euros worth of borrowings, it's not exactly in a strong bargaining position, is it ?

    Why did Anthony Dinan leave the company ?

    Strange that Alan Crosbie is still in charge considering that it was his and Dinan's 'spend,spend,spend' philosophy (often on borrowed money) that has reduced the company to its current perilous position.

    In family companies such as this, there is a powerful case for a strong, independent outside Chairman/Chairwoman and, if need be, an 'external' Chief Executive.

    This would go some way to preventing ego-inspired empire-building by some members in a family-owned business at the expense of prudence and sound judgment.
    Last edited by Warren Poynt; 16th July 2012 at 05:35 PM.
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  7. #17
    Inca Gold Inca Gold is offline

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    Yes, it does seem as if the Irish Banks led by AIB are "closing in" on the Thomas Crosbie Media Group.

    Both AIB and TCH (Thomas Crosbie Holdings) have each appointed separate firms of accountants to look into the apparently very difficult financial situation the media group finds itself in i.e. owing €28 million on foot of sharply declining revenues (turn-over) of €70.8 million Euros in the year up January 2, 2011. A revenue total that fell by €11.7 million from the previous year and by €40 million in the four years from 2007 to 2011.

    As an accounts executive, it seems to me that the situation facing the Crosbie media group -possibly the second largest media group in the Republic after the Independent Group - is extremely parlous.

    On a Turnover of just €71 million in the year up to early January, 2011, TCH recorded a major loss of €6.37 million. No doubt both reports into TCH's performance in the 12 months up to January 2 this year will bring further grim news.

    Owing bank debts of €28 million on severely shrinking income is an extremely precarious for any company to find itself in. AIB and the other banks will wish to protect their loans by having as much of TCH's assets sold off to defray much of the €28 million borrowings. Otherwise, if TCH were to go 'belly up' and be placed in liquidation, AIB would be lucky to get a fraction of its loans back after the Revenue gets its share of the carcase.

    This is an extremely serious situation for TCH and its employees to be in. Who within the company is responsible for the disastrous state of affairs and why haven't heads rolled ?

    It amazes me that the financial, business and news reporters in The Examiner and Sunday Business Posts are so silent on this major story. Have they not got the back bone to raise their heads above the parapet under the cover of anonymity on this Forum (P.ie) ?

    Or will it be up to posters here and financial journalists in the Indo and Irish Times to bring us the news of what is happening in TCH ?
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  8. #18
    hammer hammer is offline
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    Quote Originally Posted by Inca Gold View Post
    On a Turnover of just €71 million in the year up to early January, 2011, TCH recorded a major loss of €6.37 million.
    I can see major cost cutting.
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  9. #19
    The_dENzD The_dENzD is offline

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    The "future is in question" for Thomas Crosbie group according to The Insolvency Journal.

    Meanwhile, the CEO of the Irish Examiner has quit according to adworld.ie

    Surely, liquidation, of newspaper assets, that have no future, is the only option for TCM.
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  10. #20
    Reck-less Reck-less is offline

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    Take a look at the Irish Times today, Wednesday, August 8, 2012, which is also available online, (sorry I can’t post links yet), for an article entitled “TCH rejects claim in High Court of its 'perilous' finances”.
    Last edited by Reck-less; 11th April 2013 at 11:09 AM. Reason: added hyperlink
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