Monday 19 March 2018

Tech tycoon McDonagh behind new care centres

Remedy Care already has planning permission for an 85-bedroom facility in south Dublin. Photo: PA
Remedy Care already has planning permission for an 85-bedroom facility in south Dublin. Photo: PA
John Mulligan

John Mulligan

E-learning tycoon Pat McDonagh has emerged as the owner of a new elderly residential care company that's planning a multi-million euro 120-bedroom facility in north Dublin.

Remedy Care said that it is proposing a "new model" of elderly and specialist care for Ireland.

Mr McDonagh, with an estimated fortune of €500m, made his money from companies such as CBT Systems, Skillsoft and Riverdeep. The brother of tech entrepreneur and Riverdeep founder Barry O'Callaghan, Tom O'Callaghan, is also involved in the care home project.

Remedy Care, wholly-owned by Mr McDonagh, already has planning permission for an 85-bedroom facility in south Dublin.

The proposed development of the care home in north Dublin would be undertaken on behalf of Remedy Care by construction group SDR.

Mr McDonagh's son, Richard, is a director of SDR alongside Craig Curran and Martin Carr. Mr Carr is a long-time associate of Pat McDonagh and represents the tech millionaire on a number of his investee companies, including the firm behind Dublin's Radio Nova.

Mr McDonagh is an investor in the radio station alongside e-learning entrepreneur Barry O'Callaghan, the former investment banker who first headed Riverdeep and then online publisher Houghton Mifflin Harcourt. Bondholders took control of Houghton Mifflin Harcourt in 2011.

Barry O'Callaghan is now involved in launching a new international school in Dublin, which will be run by Nord Anglia Education. It's on track to open next year.

Tom O'Callaghan is working closely with Remedy Care to develop the new Remedy Care facility in Ballyboughal, Co Dublin, in an area called Skidoo.

Tom O'Callaghan is the chief executive of the IHeed Institute, a medical education company based in Dublin.

He was also the founder of the Living Health Clinic in Cork, a primary care centre in Mitchelstown that is owned by a consortium of general practitioners.

Tom O'Callaghan remains a shareholder in the clinic.

"The Skidoo proposal presents a new model of elderly and specialist care in this country, utilising the tranquil, rural setting of Skidoo," consultants for Remedy Care have told Fingal County Council.

They add that the rural setting will be of particular benefit to patients with dementia and Alzheimer's, as well as those receiving palliative care.

The Skidoo land was bought some time ago for more than €10m, with backing from Pat McDonagh.

Directors of the firm behind the farmland - Skidoo Farming & Agricultural Company - include Isle of Man-based solicitor John Caldwell, also a long-time associate of Mr McDonagh.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business