Over 40 staff at a Sunday newspaper which went into receivership are to be made redundant from Monday after no investor came forward to save the title.

The Sunday Tribune, published in Dublin, has 43 full-time staff, and was founded in 1980.

Belfast Telegraph parent company Independent News -amp; Media (INM) has a 29.9% stake in the publisher, Tribune Newspapers and is its largest creditor.

The firm informed the board of the Sunday Tribune on February 1 that it was no longer in a position to continue providing loan capital for the Sunday Tribune, prompting the board of Tribune Newspapers PLC to request INM appoint a receiver to the firm.

INM said it was disappointed a potential investor had not come forward and staff at the newspaper have now received a letter from the receiver, Jim Luby, informing them that they are to be made redundant.

INM undertook to pay for the cost of the receiver as Mr Luby advertised the business for sale and sought fresh investment. It also paid the salaries of staff and contributors for February.

A spokesman for INM said that is was a "very difficult day" for the 43 staff who had "worked hard in an incredibly crowded market".