Dunloe buys Kalbourne

PROPERTY group Dunloe House has completed the £1.5 million acquisition of Kalbourne, a company which owns the freehold on 25/29 Merrion Street in Dublin. Dunloe is paying the owners of Kalbourne Mr Owen McDermott and Mr Liam O'Farrell £800,000 in Dunloe shares as well assuming debts of £700,000. Mr McDermott and Mr O'Farrell will have a combined 10.4 per cent stake in Dunloe, putting them among the largest shareholders after chairman Mr Noel Smyth, who has 42 per cent. Dunloe disclosed yesterday that NatWest Irish Smaller Companies Investment Trust now holds 3.9 per cent of the company's shares.