Moving firms Beverly Smyth, Oman merge
Two of Ireland's main moving and storage companies have merged, creating a combined entity that will have an annual turnover of more than €20 million. Beverly Smyth and Oman are in turn owners, respectively, of subsidiaries Nat Ross and McConnells.
The new combined entity will employ more than 120 people in Dublin, Cork, Belfast and Limerick. The individual brands are to remain but will be owned by a new holding company.
Paul Coy, currently finance director of Oman/McConnells, will be chief executive of the enlarged group. Niall Doris, currently chief executive of Beverly Smyth/Nat Ross, will be chairman of the enlarged entity.
Some shareholders from both companies will become shareholders in the merged entity. However Mr Coy would not reveal details of the deal.
He said the merger will allow for background synergies that will assist the business to remain competitive. It will also allow the company to pursue a strategy of developing its international business. The new group's headquarters will be at Oman's current headquarters in Kill, Co Kildare.
Mr Coy said the new entity would be better placed to win contracts from multinational companies which frequently move staff between countries.
"The original Beverly Smyth business has been in existence for 160 years and this transaction will ensure that the business continues to thrive for the next 160 years," Mr Coy said.
Beverly Smyth & Sons Ltd is owned by Niall and Sheila Doris, of Castleknock, Dublin. The latest abridged accounts show that accumulated profits rose to €2 million from €1.77 million, in the year to end December 2004. No profit figure was given.
The latest annual return for Oman Transport Ltd shows Patrick Oman, of Kill, Co Kildare, is the largest shareholder, owning approximately two-thirds of issued shares. The latest accounts show a pretax profit of €553,761 for the year to end December 2004. Directors' remuneration was €357,112. Mr Oman is not involved in the new merged entity.
As well as Mr Doris and Mr Coy, the other directors of the new entity will be: David Darcy; Rhona Doris; Philip Marmion; and William Tighe.