SOME OF the country’s best-known businessmen were named by developer Bernard McNamara this week as the investors involved in the €412 million purchase of the Irish Glass Bottle site in Ringsend.
The 25-acre site has become a symbol of the rise and fall of Ireland’s property boom – sold for a record €412 million in 2006, it is now worth an estimated €60 million. A group of investors is suing Mr McNamara for €62.5 million through a Jersey-registered company, Ringsend Property Ltd. They are also seeking summary judgment of €98 million against Mr McNamara’s company Donatex Ltd.
In an affidavit to the Commercial Court, Bernard McNamara named the investors who he believes are the “principal member” of the “investment panel” organised by Davy Stockbroker. He also cited the amount he believed each invested in the deal. In a separate affidavit David Goddard, a director of Davy, said the naming of the investors was “scandalous” and “inaccurate”.
Mr McNamara’s list included:
Barry O'Callaghan: Cork-born O'Callaghan is chairman of Education Media and Publishing Group (EMPG), the company which grew out of educational software firm Riverdeep. The company owns Boston-based book publisher Houghton Mifflin Harcourt (HMH), one of the biggest educational publishers in the US.
Martin Naughton: The Louth businessman is the founder of electrical appliance maker Glen Dimplex. He has investments in a number of businesses including the Merrion Hotel and Oriel Wind Farm. Mr Naughton was one of the 20 investors involved in a €9.6 million investment in White's Hotel in Wexford organised by Davy Stockbrokers.
Lochlan Quinn: Chairman of AIB between 1997 to 2003, Mr Quinn was appointed chairman of ESB in 2007. A long-term business associate of Martin Naughton, he sold his 26 per cent stake in the Glen Dimplex group to Mr Naughton in 2004. He continues to own a stake in the Merrion Hotel.
Keating Family: Meat-processing group Kepak is run by the four children of the late Noel Keating: Niamh, Stephen, Catriona and Liam Keating. The Meath-headquartered company was founded by Noel Keating in 1981. The company has nine manufacturing facilities across Ireland and the UK.
Louis Ronan: The Tipperary businessman co-founded biotech and veterinary technology company Enfer with vet Michael O'Connor in 1990. The company operates from facilities in Clonmel, Newbridge and Naas. It became an unlimited company earlier this year. Mr Ronan is a cousin of Treasury Holding's Johnny Ronan.
Bernie Carroll: Mr Carroll is best-known as the owner of the winning horse in the 2006 Aintree Grand National, Numbersixvalderde. Mr Carroll has property development interests in the north Dublin and Meath areas including residential complexes in Skerries, Rush, Malahide and Bettystown.
Larry Keegan: The Castleknock-based developer is the owner of property development company Kimpton Vale Ltd. The company hit the headlines in 2006 when it illegally demolished a 19th-century convent in Terenure. The company received planning permission to develop this site in July this year. Other developments include apartment complexes at Collegewood in Castleknock.
Kieran McLaughlin: While Mr McLaughlin is named in Mr McNamara's affidavit as "Kieran" McLaughlin it is believed that Mr McNamara is referring to Kyran McLaughlin, deputy chairman of Davy Stockbrokers. Mr McLaughlin is one of the best-known figures in the Irish business world. He is chairman of Elan, and a director on a number of companies including Ryanair and Barry O'Callaghan's EMPG.
Coolmore Stud: Headquartered in Tipperary, Coolmore is one of the world's leading studs, with branches in the US and Australia. The company is led by John Magnier, son-in-law of Vincent O'Brien. Mr Magnier has investments in a number of businesses in a range of industries including property and manufacturing.
Gowan Group: Run by Michael and Gemma Maugham, the group was founded by Mrs Maugham's first husband Con Smith in 1961 when he bought the distribution rights for Peugeot. Mr Smith died in a plane crash three years later. Although the Gowan Group is best known as a Peugeot dealership, it has other business interests, including property and kitchen appliance businesses.
