Gavin O'Reilly, group chief executive officer of INM said, "This is a most satisfactory and positive outcome for the titles, their staff and for INM's shareholders... I believe that the Lebedevs will be progressive and supportive owners of the Independent titles which have played such an important role in British public life for nearly 25 years."

With the purchase comes the departure of chief executive Ivan Fallon, who O'Reilly praised as having made a "significant contribution" to the media group that he joined in 1994.

News of the sale to Russian billionaire Alexander Lebedev came after the group revealed a fall in operating profit of 39 per cent to €177.2m for the year to March. Revenue for the year dropped 14.9 per cent to €1.25bn, the company said this morning as it published its full year results. INM said it made a loss before tax of €31.4m. The previous year the business made a loss of €161.4m.

The group recorded an exceptional charge of €145.8m in 2009, it said today, of this €95.4m related to a reduction in the value of assets due to the economic downturn.

INM's Ireland division reported revenues down 14.8 per cent to €357.5m and operating profit before exceptional items down 42.5 per cent to €44.3m.

The company said its UK division, which includes the Belfast Telegraph and the London-based Independent titles, reported revenue down 20.7 per cent to €122.7m and an operating loss of €6.9m. The previous year the UK division had made a loss of €1.1m.

Advertising revenues at the Belfast Telegraph dropped 29.7 per cent year on year, the company added, while advertising revenue at its London newspapers was down 33.1 per cent year on year.

Despite this, the company said that the London titles reduced their losses thanks to major cost savings. These included moving into new offices shared with the Daily Mail.