A Dublin technology entrepreneur in his 60s is believed to be the main beneficiary of the sale of his retail solutions company for £13.5 million (€17.4 million).
Mr Nick Connell established POS Systems in 1975 and was yesterday celebrating its sale to UK-based Torex in a deal which will see him continue in his role as managing director.
Torex is paying an initial £9 million in guaranteed loan notes, , while an additional £4.5 million is conditional upon POS's profitability over the next two financial years. This will be paid in Torex shares.
Mr Connell was not available for comment yesterday.
Employing 50 people, POS is a supplier of "point of sale" terminals in the Irish market and includes companies such as Dunnes Stores, Irish Rail and the main Irish banks among its customers.
The company reported pre-tax profits of £1 million last year, based on a turnover of £3.8 million.
At the end of March 2001, POS had net assets of £800,000. It is based in Balgriffin in north Dublin and has a British headquarters in Manchester.
The acquisition is Torex's second foray into the Republic.
