THE LONDON-BASED Irish Postnewspaper, which was closed by Thomas Crosbie Holdings in August, has been bought by Irish businessman Elgin Loane and will return to the newsstands in less than a fortnight.

Five bids were received by Belfast-based liquidators FPM for the title, it is understood, including one from Irish Voicepublisher Niall O'Dowd.

However, Mr Loane, who owns the classified ads magazine Lootemerged as the winner for an undisclosed sum.

Last night, campaigners in the Irish community in Britain expressed delight at Mr Loane’s success. The paper, which was started in 1970, was an important voice for the community, particularly during the 1970s and 1980s.

"Everyone involved in the 'Save the Irish Post' campaign is delighted with the news that Elgin Loane has purchased the title . . . We look forward to a new and exciting future for the Irish Post and 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!" said Fiona Audley, chair of the campaign.

Mr Loane, who served an apprenticeship in Birmingham to become a printer, qualified as an accountant in England and owns a number of print and media-based businesses.

His family were behind the old Adare printing and packaging group. They rescued Buy Sell magazine from receivership in 2009.

Former staff are to be rehired, it is understood and some of them will return to work next Monday, though the newspaper is not expected to return to the streets until Wednesday week.

The decision by TCH to close the title in mid-August, when staff were given just hours to leave the newspaper’s Hammersmith offices, has been deeply unpopular with many in the Irish community in Britain.

After the move, the Federation of Irish Societies’ chief executive Jennie McShannon complained that TCH had closed the newspaper “in its own interests, not ours”.