RIVERDANCE CREATORS John McColgan and Moya Doherty have sold their shares in the company that owns the five-star Claridge's, Connaught and Berkeley hotels in London.
Documents just filed with the company's office in the UK show that both Mr McColgan and Ms Doherty, who live in Howth and are estimated to be worth more than €100 million, resigned as directors of Coroin on July 23rd.
It is understood that their shares were sold to the other investors, who include financier Derek Quinlan, Davy stockbroker Kyran McLaughlin and property developer Paddy McKillen.
It is not clear how much the couple invested in Coroin Ltd or how much they received on selling their shares, but they are understood to have made a significant return on their investment.
Between them, Mr McColgan and Ms Doherty owned 1,000 ordinary 'B' shares and 50,000 special redeemable preference shares. They also held 7.65 million shares in convertible loan stock. They are thought to have owned about 15 per cent of the group.
Coroin Ltd was acquired in 2004 for €1.1 billion by a consortium put together by Mr Quinlan. The deal included the Savoy Hotel in London, the Savoy Theatre and Simpson's-in-the-Strand restaurant, all of which were sold on.
These sales are believed to have netted the backers a profit of more than €60 million. The Irish investors are believed to have booked a similar sum from a refinancing of debt facilities relating to the deal.
Reports at the time suggested that the investors put up €150 million in equity and borrowed the balance to buy the hotel chain.
Claridge's, the Connaught and the Berkeley comprise the Maybourne Hotel Group, which is based in Mayfair. The Connaught recently had a £70 million makeover while the others are having a £250 million refurbishment.
Coroin moved into the black last year, reporting an after-tax profit of just under £8 million in the 12 months to the end of June 2007. This compares with a £7.5 million loss recorded in 2006.
