Merrion losses add up to almost €1m
Published 06/01/2013 | 05:00
MERRION Capital Group (MCG), the parent company of the well-known stockbroker, saw its accumulated losses touch almost €1m in its financial accounts to the end of December 2011.
MCG made a loss of €357,000 in the year, an improved performance compared to the loss of €590,000 the previous year. The group has shareholders funds of €7.4m.
At the peak of the boom, Icelandic bank Landsbanki paid €84m for an 84 per cent stake in Merrion, but this was later bought back by management for just €30m.
The accounts note that at the end of 2011, Merrion had a commitment to pay Landsbanki €1m in each of the years 2012 to 2014. During 2012 MCG said it sold its 47 per cent of OR Spreadbetting.
Merrion's largest shareholder is John Conroy and five of his senior management team are also stakeholders in the high-profile firm.
Merrion employs 60 people and lists its strategic advisors as Allen & Co and Teneo Capital. Teneo, the consulting-cum-investment group set up by ex-public relations man Declan Kelly, put €965,000 into Merrion Capital in August 2012.
Alongside stockbroking, Merrion also has fund management and corporate finance arms. The company has worked on major corporate finance deals like the flotation of Aer Lingus and the take-private of the Jefferson Smurfit Group.
Merrion hosts an annual Christmas "do" in Michelin-starred Patrick Guilbaud's restaurant annually for business journalists which was described recently as "wallet-shattering".
Sunday Indo Business