Johnston Press declined to comment on the speculation in the Irish Times this week, with the deadline for bids still three weeks away.

The newspaper claims that three groups, one led by former Leinster Leader Group's John McStay, one by British businessman Richard Findlay and a consortium led by former Kilkenny People managing director Joe Hayes, are all in the running to buy the Irish titles.

McStay will be more than aware of the products he is going after, as the Leinster Leader Group was sold to Johnston Press in 2005 for almost €140m.

Findlay has media experience as the head of Scottish Radio Holdings, which invested in a number of Irish regional newspapers and radio stations in the early part of this decade, while under his control. His bid is thought to have been backed by a private equity firm in the UK.

Hayes' bid is allegedly backed by private clients of Goodbody Stockbrokers and is being advised by Eugene Magee – a Scottish games pundit and former owner of the Longford Leader, one of the titles being sold by Johnston Press.

Johnston Press is offloading the titles in an attempt to write off some £450m of debt.

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Profits down at Johnston Press and it warns of going concern threats