DUBLIN-BASED private equity group Claret Capital is expected to make a number of its 37 staff redundant in the new year due to a fall-off in transaction activity in 2008 as a result of the global credit crunch.
A number of staff at the Ballsbridge-based group, which is led by financier Dómhnal Slattery, were placed on protective notice just before Christmas. Layoffs are expected early in the new year.
A spokesman for the group confirmed that Claret was planning to "rightsize" the business to reflect the downturn in private equity activity . It is not clear how many staff will leave the business.
Claret also has an office in New York, where nine staff are based. This is led by Paul Geaney, a nephew of the late Donal Geaney, the former head of Elan.
Claret has invested in a large number of businesses over the past few years, including global car hire company Hertz, executive jet operator JetBird and maritime communications group Blue Ocean Wireless. In addition, Claret took a 90 per cent stake in the five-star St Regis hotel in Washington in 2007. It was also an investor in Channel 6, an Irish television station sold to TV3 this year.
Although based at Claret's head office in Dublin, JetBird, which is due to launch in 2009, and Blue Ocean are separately managed businesses and continue to grow their staff numbers.
Claret manages money on behalf of a number of wealthy individuals and families in Ireland. These are thought to include Senator Feargal Quinn and his family, who owned grocery retailer Superquinn; and former Anglo Irish Bank chairman Seán FitzPatrick.
Claret is reported to have managed about €16 million on behalf of Mr FitzPatrick.
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