Timeline: the sale of Siteserv to Denis O’Brien’s Millington

Business was founded in 2006 to provide services for building sites

Siteserv subsidiary GMC/Sierra was one of three companies awarded contracts for the installation of water meters for Irish Water. Photograph: Colm Mahady/Fennells
Siteserv subsidiary GMC/Sierra was one of three companies awarded contracts for the installation of water meters for Irish Water. Photograph: Colm Mahady/Fennells

2006: Businessman Brian Harvey merges Rent-a-Fence with Donohoe Scaffolding to form Siteserv, to provide fencing, boundary protection, scaffolding and other services for building sites

November 2006: Siteserv floats on the Dublin and London stock exchanges, raising €10.5 million from the sale of its shares.

December 2006: Buys rival Holgate Fencing for €19 million in cash and shares.

September 2007: Buys power and communications cable supplier Sierra for €52 million.

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November 2007: Buys rival Roankabin for €8 million.

February 2008: Buys British company Deborah Services for €57 million, using a loan from Anglo Irish Bank to foot most of the bill.

December 2010: Reports a 78 per cent slump in profits to €500,000 for six-month period to October 31st.

July 2011: Reports that profits for the 12 months ended April 30th tumbled more than 80 per cent to €100,000.

January 2012: Announces it is exploring "strategic and corporate options", a roundabout way of saying it is for sale.

March 2012: Denis O'Brien's Millington buys Siteserv for €45.4 million in a deal that sees the State-owned Irish Bank Resolution Corporation (IBRC) write off €110 million of its €150 million debt. Shareholders receive €5 million.

April 2012: French company Altrad says it was prepared to offer €60 million for Siteserv. It also emerges that the law firm Arthur Cox advised both Siteserv and Millington on the sale.

Siteserv issues a statement saying Altrad never formally approached it. Denis O'Brien associate and Millington shareholder Leslie Buckley rejects claims the sale process was flawed.

May 2012: Siteserv sold to Millington and delisted from the Dublin and London stock exchanges.

July 2013: Siteserv subsidiary GMC/Sierra is one of three companies awarded contracts for the installation of water meters for Irish Water.

April 2015: Fresh controversy blows up around the sale of Siteserv to Millington after it emerges Government officials expressed concerns about the deal at the time and shortly afterwards.

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Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas