Tuesday 21 January 2020

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

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

Independent.ie business desk

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.

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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