Jurys Inns could go private

THE possibility of a management buy-out (MBO) of Jurys Inns has been raised as a distinct possibility down the line.

In the growing uncertainty surrounding the future of Jurys Doyle it has been speculated the Doyle family could hold on to some of the traditional hotels while management took the Jurys Inns private, said a well-placed source.

That scenario would require the backing of an investment capital group to make it happen at a price of €600 million plus, he said.

Earlier this week, chief executive Pat McCann denied the possibility of an MBO right now.

That does not rule out a move to take the Inns private if things change significantly in the meantime, according to our source.

In a separate development yesterday, the Doyle family announced nine members of the extended family account for 29.9% of the equity in the group.

They indicated all are acting in consort making them the single biggest block vote in the company, ahead of Sean Dunne who yesterday raised his holding to over 23% after buying up a further one million shares.

Jurys Doyle also announced an EGM has been set for September 27 when Mr Dunne expects to get his hands on the Ballsbridge site for which his bid of €260m has been accepted.

Shares in the company shot up 55 cent back to an all-time peak of €18.50 after the market was informed of the EGM date.

Observers said the Doyle family's statement about their combined stake being a block vote looks suggests the family of the late PV Doyle is still dictating how the battle for the group will ultimately play out.