Timeline: the sale of Siteserv to Denis O’Brien’s Millington

Business was founded in 2006 to provide services for building sites

2006: Businessman Brian Harvey merges Rent-a-Fence with Donohoe Scaffolding to form Siteserv, to provide fencing, boundary protection, scaffolding and other services for building sites

November 2006: Siteserv floats on the Dublin and London stock exchanges, raising €10.5 million from the sale of its shares.

December 2006: Buys rival Holgate Fencing for €19 million in cash and shares.

September 2007: Buys power and communications cable supplier Sierra for €52 million.


November 2007: Buys rival Roankabin for €8 million.

February 2008: Buys British company Deborah Services for €57 million, using a loan from Anglo Irish Bank to foot most of the bill.

December 2010: Reports a 78 per cent slump in profits to €500,000 for six-month period to October 31st.

July 2011: Reports that profits for the 12 months ended April 30th tumbled more than 80 per cent to €100,000.

January 2012: Announces it is exploring "strategic and corporate options", a roundabout way of saying it is for sale.

March 2012: Denis O'Brien's Millington buys Siteserv for €45.4 million in a deal that sees the State-owned Irish Bank Resolution Corporation (IBRC) write off €110 million of its €150 million debt. Shareholders receive €5 million.

April 2012: French company Altrad says it was prepared to offer €60 million for Siteserv. It also emerges that the law firm Arthur Cox advised both Siteserv and Millington on the sale.

Siteserv issues a statement saying Altrad never formally approached it. Denis O'Brien associate and Millington shareholder Leslie Buckley rejects claims the sale process was flawed.

May 2012: Siteserv sold to Millington and delisted from the Dublin and London stock exchanges.

July 2013: Siteserv subsidiary GMC/Sierra is one of three companies awarded contracts for the installation of water meters for Irish Water.

April 2015: Fresh controversy blows up around the sale of Siteserv to Millington after it emerges Government officials expressed concerns about the deal at the time and shortly afterwards.

Barry O'Halloran

Barry O'Halloran

Barry O’Halloran covers energy, construction, insolvency, and gaming and betting, among other areas