Donegal Investment Group to close head office in Letterkenny

Donegal Investment Group said it was planning to close its head office in Letterkenny, making staff there redundant, as it considered the best structure for the organisation's future.

The company also said chief executive Ian Ireland and chief financial officer Padraic Lenehan had stepped down from full-time executive responsibilities, but will remain as non-executives on the board. They will also provide consultancy services when required.

Formerly Donegal Creameries, the group sold its specialist dairy business Nomadic last year, and returned €20 million to shareholders.

In a statement to the stock exchange, the company said the decision was taken after the board had considered the best structure for the organisation going forward. The redundancies will see the company incur a once-off cost of €1.6 million.