Business Irish

Tuesday 16 July 2019

Utility and infrastructure firm Siteserv 'disappointed' TD Murphy continued to question 2012 sale of business

Catherine Murphy
Catherine Murphy

Thomas Molloy

Utility and infrastructure firm Siteserv said it is “disappointed” that Independent TD Catherine Murphy had continued to make “public accusations” about the 2012 sale of the business.

Siteserv was responding after Deputy Murphy said she had lodged a Dail question with the Minister for Finance Michael Noonan about aspects of the sale process, which had to be approved by then State owned IBRC which was the company’s main lender and wrote off debt as part of the sale. An attempt to continually portray the 2012  sale in a “negative manner” was “without foundation,” the company said in a statement.

The sale of the business was “conducted entirely in full compliance with best corporate practice and best corporate governance standards,” Siteserv said in a statement.

Siteserv was sold to Millington, a company owned by businessman Denis O’Brien.

That sale was assisted by KPMG Corporate Finance and Davy Corporate Finance, overseen by a sub-committee of the Board of the company and was subject to vote of Siteserv shareholders, the company said.

“IBRC had a representative on the sub-committee and was advised by PwC Corporate Finance,” it said. 

“The reason the Millington bid was successful was that it was viewed by the Board of Siteserv PLC as the one that was in the best interest of the company and its employees and by Irish Bank Resolution Corporation Limited (IBRC) as the best outcome for the State.”

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