Waterford Stanley chief nets €1.4m

WATERFORD STANLEY managing director Michael Laffan is set for a major windfall from the sale of the company.

Mr Laffan owns 20% of Waterford Stanley, which was sold yesterday to British firm Aga Foodservice Group for €13.8 million in cash and debt.

Mr Laffan, who led a management buyout of the company four years ago, will net about €1.4 million from the sale as only half of the takeover price is in cash, with Aga Foodservice assuming the company’s debt pile.