Chadwick set to take over marina in €18m deal

Businessman Michael Chadwick is set to take over Dún Laoghaire marina in an €18 million deal. Mr Chadwick, better-known as executive chairman of builders providers and DIY specialists Grafton, is buying out his fellow shareholders in Marina Marketing and Management, which operates the 500-berth yacht and boat marina in the port.

The other shareholders are Irish Life and Permanent director John Bourke, and businessmen and Royal Irish Yacht Club members Michael O'Leary and Tom Power.

The company has been on the market for several months, and one likely suitor was promoter and MCD boss Denis Desmond, who is also a shareholder in the Reading and Glastonbury rock festival.

Mr Chadwick owns close to 20 per cent of the company and, under its articles of association, has the right to pre-empt any outside bids for the business.

Mr Chadwick told his fellow shareholders last week that he wished to exercise his pre-emption rights and bid for their 80 per cent stake company.The businessman is on holidays and is not available for comment.

However, the company said yesterday that one of its shareholders has exercised his right to bid for the business.

It did not give a figure for the sale.

However, when it emerged that the company was on the block last May, reports stated that it was valued at €18 million.

If it were sold for this figure, the other stakeholders would share €14.4 million.

Mr Power and Mr O'Leary own 30 per cent each, and Mr Bourke 20 per cent.

When it was reported that it was for sale, Mr Desmond and Dublin accountant Dominic Kelly were said to be the main bidders. However, it is not likely now that that bid will go ahead.

Dún Laoghaire Harbour Company is the marina's ultimate landlord. However, Marina Marketing and Management owns the berths and facilities.

The marina cost around €7.5 million to build and was opened in 2001. It has 500 berths and the company charges €395 per metre a year for their use.

It can accommodate vessels of up to 25m and 40 tonnes. The company plans to extend the marina to 700 berths by the end of the year.

Nearby yacht clubs include the Royal Irish, Royal St George, the National Yacht Club and the Dún Laoghaire Motor Yacht Club.

The most recent balance sheet filed for the company shows that, at the end of March 2005, shareholders' funds had increased to €657,659 from €276,982 the year before.

The company's retained profit for the year was €380,677, compared with losses in 2004 of €373,934. This moved the profit and loss account from a deficit to a surplus of €6,743.

Total assets at March 31st, 2005, were €4.8 million, compared with €5.4 million 12 months earlier. It had debts of over €4 million.