Accreate founders set to net €8m

THE two owners of a Dublin-based recruitment firm are in line for an €8 million windfall after selling the company.

Shay Dalton and Ronan Colleran, the founders of Accreate, have sold their firm to British company Imprint, chaired by Irish entrepreneur Pierce Casey.

The pair will receive €3million in cash and Imprint shares upfront and up to €5million in cash and shares if the company meets profit targets over the next three years.

The company founded in 2001, focuses on recruitment for the financial sector. It employs 14 people.

Accreate generated pre-tax profits of 7,000 in 2004 on turnover of €2.01million. Included in the 2004 figures is a €500,000 dividend paid to Mr Dalton and Mr Colleran.

In the first five months of this year its financial performance improved considerably, with €392,000 profits on turnover of €1.12million.

Mr Casey said yesterday that Accreate will merge with Imprint’s existing business in Ireland, ECHM.