Harvey to be Siac chairman once bank rescue deal agreed

Has to secure deal by January 30th, the date Siac’s bankruptcy protection expires

Brian Harvey, founder of business support firm Siteserv, will become chairman of Siac, the distressed construction company, once a rescue deal s agreed with its banks.

Mr Harvey has to secure a deal by January 30th, the date Siac's court-ordered bankruptcy protection expires. Siac chief executive Martin Maher will remain in situ following agreement being reached with Siac's three banks – Bank of Ireland, Bank of Scotland Ireland and KBC.

Mr Harvey provided proof to Siac's examiner Grant Thornton before Christmas that he is able to inject €9 million into the company which was founded in 1913 but which went into examinership in October. Grant Thornton reviewed eight potential bidders for the business before selecting the Harvey-led consortium as its preferred option.

Mr Harvey is believed to be backed by a group of high net worth individuals. He is also wealthy, having made several million from the sale of Siteserv to businessman Denis O'Brien in a sale process initiated by the Irish Bank Resolution Corporation, which saw a €90 million debt write-off by the taxpayer-owned bank.


Mr Harvey’s proposal to Siac’s bankers requires the securing of new banking facilities for Siac’s trading business while ring-fencing its property assets into a separate entity. This will allow Siac better to sell down non-core property assets while holding on to core assets like its quarry business. In return, Mr Harvey’s proposal would see Siac’s bank debt of €42 million rolled over and gradually repaid as the company seeks to benefit from Ireland’s improved economic performance.