Inside Project Evergreen: Davy Stockbrokers
THE DUBLIN-based stockbroking firm's loans date back to 2006, when senior executives borrowed to fund a €316m management buyout of 90pc of the brokerage.
Several parties were rumoured to be interested in the €140m worth of loans still outstanding, which are believed to be fully performing, including a number of prospective international investment funds – but the broker itself is now tipped as the only horse in the race.
This would represent a nice coup for the company, which is in good shape; it emerged from the recession as the country's largest broker. Last year it absorbed the private client business of troubled collapsed stockbroking firm Bloxham, and it recently finalised a deal to take over Prescient Asset Management Holdings (Ireland), the former AIB Investment Managers business.
Though it shed numbers in 2008, Davy has added 120 staff over the last three years to employ 520 people and recently negotiated a new lease on its Dawson Street headquarters.