Sunday 23 November 2014

Ireland's Rich List: 41-50

Published 31/03/2010 | 16:13

CHICHESTER, ENGLAND - JUNE 27: (EMBARGOED FOR PUBLICATION IN UK TABLOID NEWSPAPERS UNTIL 48 HOURS AFTER CREATE DATE AND TIME) Paddy McNally attends 'Style Et Luxe' party and lunch hosted by Cartier as part of the Goodwood Festival Of Speed, at The Private Lawn, Goodwood on June 27, 2004 in West Sussex, England. (Photo by Dave Benett/Getty Images))
DUBLIN, IRELAND - FEBRUARY 13: Denis Desmond and Caroline Downey attend the Night For Love Charity Ball in aid of The Samuel L Jackson Foundation and Irish Autism Action on February 13, 2010 in Dublin, Ireland. (Photo by Phillip Massey/Getty Images for Samuel L Jackson Foundation)

41. PADDY McNALLY

€230M FORMULA ONE

Donegal-born former racing driver Paddy McNally once worked as Formula One legend Nikki Lauda's manager. He also dated Sarah Ferguson.

The 73-year-old owned Swiss-based firm Allsports, which handled trackside advertising for Formula One, as well as the Paddock Club, which controlled corporate entertainment on the circuit.

Swiss magazine Bilan pegged his worth at €410m in boom times. Private equity firm CVC and Formula One bought Allsports in 2006 for around €275m. The assets were held through an Irish registered company Allsop Parker Marsh.

We assume that there were minority shareholders, tax and costs.

42. KEVIN AND MICHAEL LAGAN

€230M CONSTRUCTION

Antrim-based Construction and property firm Lagan Holdings had profits of €39m in 2008 from sales of €492m.

The brothers have interests ranging from Ireland and the UK to the Caribbean and Asia with bricks, quarrying, cement and development all core activities. The property market doesn't look as if it's going to improve any time soon, so we've slashed previous estimates of their wealth.

43. PETER AND JOHN QUEALLY

€220M FOOD AND INVESTMENTS

The Waterford beef barons have an extraordinary array of businesses, which range from a Spanish water distribution firm to five-a-side football pitches and a stake in Lily O'Brien's chocolates. But meat processing is the day job.

Their Arrow Group had sales of €416m in 2008, with profits of €4.7m, well down from the €14.7m earned a year earlier. They had shareholders’ funds of €94m. The other part of the business is the unlimited company QDM, which runs Dawn Meats.

The Queallys owns stacks of other assets including property in South Africa, a slice of a racecourse as well as some soup and pasta companies. Peter, 70, owned Space Trucker, which won the Grand Annual Chase at Cheltenham a few years ago.

44. SHAMUS JENNINGS

€210M PROPERTY

Belfast property tycoon Shamus Jenningsand his family bagged close to €120m before tax when his Rotary Group was bought by Australian firm Hastie.

Jennings, 56, also owns property group Cusp, which had net assets of €103m in 2008. This may have fallen somewhat.

45. DENIS DESMOND

€210M ENTERTAINMENT

The Killiney-based concert promoter agreed an out of court settlement last month with Prince, after the soul star failed to show up in Dublin for a tour date.

Desmond's MCD is thought to be worth nearly €200m following a reorganisation of the business. His stake in his Gaiety Company was transferred to another entity, Romnal, for €196.7m last month. This was the first time that a value had ever accurately been put on Desmond's empire, which stretches from concert promotion to rock festivals and music venues.

He bought into Setanta Ireland, when the sports broadcaster got into financial trouble last year.

46. DAVID McMURTRY

€200M INDUSTRIAL

Dublin-born precision instrument and measurement tycoon McMurtry has built a €35m space-age eco-house in Gloucestershire, featuring an 80ft pool, indoor bowling alley and two squash courts. It's also surrounded by a moat.

He owns a €175m stake in listed firm Renishaw. Although he waived his dividend last year, prior earnings add close to €10m.

He owns other assets.

47. PHILIP BERBER

€ 195M SOFTWARE

Dubliner Philip Berber sold his Cybercorp online trading company to Charles Schwab for about €330m in 2000 at the height of the dotcom frenzy. The former Wesley College and UCD graduate pledged €135m of Schwab shares to his charity — A Glimmer of Hope — which improves the lives of people in Africa.

48. DANNY HILL

€ 186M RESOURCES

The Belfast man has made a fortune in the Australian mining industry and owns assets in Europe, Australia and South America.

49. PETER AND MARY MUSGRAVE

€ 185M RETAIL

The Swiss based couple are major shareholders in retail giant Musgrave which is behind the Centra and Supervalu businesses. They live in Carona on the Swiss/Italian border.

50. THE MURPHY FAMILY

€ 183M INVESTMENTS

Cahirciveen-born John Murphy emigrated to England in the 1930s where he set up a building contractor firm.

The Second World War provided a great opportunity for Murphy, who made a fortune repairing airfields and buildings damaged by Luftwaffe bombing.

He expanded into electrification, road building and water infrastructure. In 2008, his company J Murphy & Son had sales of €507m, with profits of almost €40m. Murphy died last year aged 95, having been paid €5.5m in his final year as chairman.

His children Kathleen and Bernard (who lives in Kildare) and the grandchildren appear to be the main shareholders in the company.

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