A JOINT proposal from Setanta Sports executive Mark O’Meara and former SR Technics (SRT) chief Bernard Hensey has emerged as one of 30 expressions of interest to rescue the aircraft maintenance business in Dublin airport.
It is understood the pair teamed up before Christmas to put together a proposal to take over SRT’s business here.
They have since linked up with Claret Capital, a Dublin-based investment group led by Dómhnal Slattery and part-owned by Senator Feargal Quinn.
The proposal would involve slimming down the SRT business and focusing on a number of profitable activities.
They would envisage employing about 600 people on different terms and conditions to those currently enjoyed by the 1,100-strong workforce.
It is believed they would seek to retain the line maintenance contract for Aer Lingus as well as continuing to carry out landing-gear maintenance and training and facilities management activities. These are all thought to be profitable.
It is understood Mr O’Meara and Mr Hensey, who left SRT in 2001, have looked at sourcing about €25 million in backing for a takeover.
They are thought to have held talks with IDA Ireland about possible financial support for their proposal.
The decision earlier this year by SRT’s Switzerland-based parent to sell the lease on its large hangar at Dublin airport has significantly complicated any rescue of the Irish subsidiary. DAA is believed to have paid just more than €20 million to regain control over the land, which is part of the airport complex.
Mr O’Meara and Mr Hensey, and other interested parties, are believed to have held talks with DAA about leasing the SRT hangar but so far nothing has been agreed with the airport manager.
Mr O’Meara previously worked with IBI Corporate Finance and ran Setanta’s UK business until late last year, when he returned to work for its Irish operation.
Mr Hensey holds a number of directorships, including with Phive Plasma Technologies, Newcode Technologies and Peloton Capital, whose other directors include Eamonn Quinn, a former senior executive at Superquinn who was recently appointed to the board of Claret Capital.
The dispute over the closure of SRT’s Dublin facility was yesterday referred to the Labour Court. This followed a breakdown in talks between unions and SRT.
SRT yesterday confirmed that 600 staff would be made redundant on April 3rd due to the lack of workload followed by 100 redundancies in mid April. All SRT activities will cease by August 31st.
