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Siteserv in talks over sell-off

SITESERV has confirmed that it is now in "advanced discussions" regarding the possible sale of its businesses.

The statement from the firm came yesterday amid reports that telecoms tycoon Denis O'Brien is involved in one group interested in acquiring it.

Siteserv, whose activities range from building support services to companies such as BSkyB, to supplying stages for music events and traffic light repairs, has spent over two months engaged in talks with its lender, Irish Bank Resolution Corporation (IBRC).

The company's debt facilities with the bank expire at the end of this year.

"The group is now in advanced discussions which may lead to a sale of all of its operating companies," Siteserv said yesterday.

"At this stage it is not possible to quantify the final financial impact for shareholders," it added.

In reality, retail shareholders will probably be all but wiped out.

Siteserv has debts of about €150m. It's been speculated that the company could be sold for as much as €50m, with the IBRC also agreeing to wipe out some of the money it is owed.

Irish Independent