The Irish Post newspaper has been bought as a going concern by Elgin Loane an Irish-born British based publisher. His company, which publishes the classified advertising newspaper, Loot, has not disclosed its price.
Liquidators revealed there were up to five bids for the purchase of the title.
Last month Thomas Crosbie Holdings closed the newspaper due to concerns over its declining circulation. The paper had been selling between 17,000 and 20,000 copies per week.
Its' closure sparked protests in the Irish community in Britain.
Fiona Audley, the Chair of Save the Irish Post Campaign, said, “We look forward to a new and exciting future for The Irish Post and want to thank all the readers and friends of the paper who showed their support over the last six weeks.
"We hope they will continue to support us now as we bring this valuable paper back to the news stands. The voice of the Irish in Britain is back!"
The newspaper, founded in the 1970s, is expected to begin publishing with the coming weeks.
Speaking to RTE, a former Irish Post employee said they were delighted. They also said that Elgin Loane was the preferred bidder as they committed to maintaining the newspaper as the voice of the Irish community in Britain.
Elgin Loane is a London based Irish businessman. He owns a number of print and media-based businesses. The new owners released a statement which said that The Irish Post had a long tradition of serving the Irish community in Britain which must be continued.
They added that it was too early to set out detailed plans, however, they said the paper would be back in print soon and improving the website would be a priority.
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