MEDIA:  The publisher of Business & Finance magazine, Belenos, has gone into voluntary liquidation with losses of more than €1 million. It is thought about half the deficit is owed to the Revenue Commissioners.

All 31 employees are understood to have been made redundant this week.

But editorial staff - including the magazine's editor, Mr Vincent Wall - will be engaged by an associate company Moranna Ltd, which will publish the title from next week.

Belenos and its parent Baal Securities were acquired for €250,000 by businessman and former Irish Press executive Mr Ian Hyland in December. Mr Hyland last night said he had revoked the publishing licence from Belenos.

The new licensee, Moranna, will operate with a skeleton staff, although some workers made redundant from Belenos will be rehired on a phased basis.

Mr Hyland said the publication schedule of the magazine would not be interrupted. The firm's conferences, exhibitions and electronic news services will also continue.

About 12 people were made redundant from Belenos shortly after Mr Hyland acquired the company.

A result of a "number of things coming to light", he said he had been unable to secure funding to maintain the Belenos business.

Mr Hyland confirmed he had initiated proceedings against the vendors of Baal Securities, Belenos's parent, for breach of warranties. The former chairman of Belenos, Mr William Ambrose, last night said he had no comment.

Mr Hyland is chief executive and controlled shareholder of Cloughmore Media Ltd.

While Mr Elgin Loane, son of Adare Printing chief executive Nelson Loane, was linked to the deal, it is understood that he withdrew from the process at a late stage in the sale.

Discussions had been under way for some months before the sale was finalised.

It is thought the financial situation at Belenos was increasingly fraught as revenue from advertisements fell last year amid slower economic growth.

Losses last year were in excess of €500,000, it is understood.