Business Irish

Friday 22 August 2014

Merrion up for sale with €10m price tag

Roisin Burke

Published 02/03/2014 | 02:30

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John Conroy of Merrion Capital.
Picture By David Conachy.
John Conroy of Merrion Capital. Picture By David Conachy.

Davy Stockbrokers, Cantor Fitzgerald and in-house wealth management head Shane Nolan are understood to be among the bidders for Merrion Capital, which has been put up for sale.

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As the stockbroking industry continues to consolidate, sources are suggesting a price tag of €10m for Merrion – one of the few remaining independent houses.

It is believed that chief executive John Conroy is leaving the business, but he could not be contacted for comment. Shane Nolan was also unavailable for comment.

Nolan may have first refusal on bidding for the business, one source said.

It was further suggested that wealth manager Brewin Dolphin may also bid.

An internal reorganisation has been ongoing at Merrion in recent months and management changes have been mooted. David Beattie, of law firm Eversheds, was appointed chairman in January.

It has been suggested that Allen & Co, which has a 20 per cent stake, may exit.

Other shareholders in Merrion include former Bill Clinton adviser Declan Kelly's Teneo Capital and Pearse Farrell of Farrell Grant Sparks.

Interestingly, a sale of Merrion would be signed off by former Merrion Capital partner and current Central Bank stockbroking watchdog Michael Hodson.

Sunday Indo Business

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