Carr to be taken over in MBO

Carr Communications, the PR and media training agency headed up by Ms Terry Prone, is set to be taken over in a management buyout, it has emerged.

The company, which has provided training to countless politicians and public figures, is valued at €4-€5 million. The firm declined to comment, but it is understood several management figures are part of a consortium purchasing the company from Ms Prone and other shareholders.

The acquiring consortium is believed to include managing director Mr Dermot McCrum and head of training Mr Donal Cronin. Mr Fergus Hoban, a beneficiary of the sale of the pharmacy group Unicare two years ago, is also understood to be involved.

Staff were informed this week about the ownership change. The company employs more than 20 people in media training and PR. The company holds accounts for the Department of Health, the Revenue Commissioners, KPMG, the Dublin Port Tunnel and the Department of Education.

More than 75 per cent of its turnover is understood to derive from media training. In a separate development, two senior members of staff are departing from the company: Mr Kieran Fagan, a former assistant editor of The Irish Times and Mr Nigel O'Mahony, a former editor of the Evening Echo.

According to documents lodged with the Companies Office Carr Communications is owned by Wriston Estates Ltd. Its largest shareholder is Mr Bernard Joseph Carr (known as "Bunny" Carr) with 37 per cent; Ms Prone with 24 per cent; Mr Dominic McNamara, a long-time shareholder with 18 per cent; Ms Prone's husband, Mr Tom Savage, with 18 per cent and Ms Frances Fox, the company's financial controller, with 3 per cent.