Tuesday 24 October 2017

Rumour mill in overdrive as Fexco eyes Goodbody

RUMOURS continue to swirl around Goodbody as the 125-year-old stockbroker prepares to be bought by Brian McCarthy's 20-year-old Fexco.

Most executives at Goodies now expect AIB managing director Colm Doherty to finalise the sale next week for around €25m, or the equivalent of the broker's 2006 pre-tax profit before bonuses.

While nobody knows what will happen for sure, the smart money believes Mr McCarthy will tie in Roy Barrett and 24 other senior executives with an incentive package that will give them a quarter of the company and possibly as much as half.

The 46-year-old UCD graduate, who cut his teeth in NCB before defecting to Goodbody 15 years ago, will continue to lead the brokerage for sometime to come -- although the news appears less appealing for many of the junior staff who are expected to lose their jobs in a shake-out.

IFG ring changes

IFG, the only Irish financial services company still paying a dividend, made a few senior management changes this week when it announced its interims.

Aidan Comerford, a nephew of former Greencore boss Chris Comerford, takes responsibility for finance and risk at the Booterstown-based company.

The 40-year-old chartered accountant joined IFG less than two years ago when IFG acquired Pensco, where he held the position of chief operating officer.

The company also named another chartered accountant Paul McDermott as chief financial officer and head of treasury; while solicitor Conleth O'Reilly, a Smurfit School graduate and Xerox veteran, takes over as company secretary from the long-serving Donal Lynch, who will retire next month.

Recession conference

OFFALY businessman Mark Wynne and Kildare businesswoman Geraldine Daly have come up with the idea of a "Growing Your Business Through Recession" themed conference. The two-day conference will be headlined by entrepreneurs and speakers including Eddie Hobbs, Sean Gallagher from the 'Dragon's Den' TV show, sandwich-maker Brody Sweeney, cook Clodagh McKenna, tailor Louis Copeland and 11890 founder Nicola Byrne.

The conference at the K Club has one very welcome innovation; there will be no PowerPoint slides shown during the presentations.

"We've banned PowerPoint and briefed our speakers to produce lively, focused presentations that are easy to understand," Mr Wynne said.

Tickets cost €247 and can be obtained by phoning 01-685 4250.

Irish Independent

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