Business Irish

Sunday 4 December 2016

US firm that sold Clerys received a €3.6m payment before store was sold

Published 05/10/2016 | 07:45

Clerys clock. Pic Frank McGrath
Clerys clock. Pic Frank McGrath

US private equity firm Gordon Brothers, which sold the Clerys department store on O'Connell Street last year, received a payment of €3.65m from the business in the build up to its sale, it has been reported.

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According to a report in The Irish Times, the payment was described as "interest and fees" in Clerys' documents. The corresponding payment in previous accounts amounted to just over a sixth of the multi-million euro payment.

Read more: Mastermind of disputed Clerys deal to get payout of €600k

Natrium acquired Clerys last summer by acquiring all the shares in its parent company, OCS Investment Holdings, for €29m. Gordon Brothers and Bank of Ireland split the earnings from the sale of Clerys.

The iconic store closed soon after, resulting in the loss of around 450 jobs.

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