Shipping firm purchase to boost turnover
The Mainport Group has confirmed that it has purchased the long-established ship agency, ship broking and logistics company Patrick Monahan (Drogheda) Ltd, positioning itself as a key player in these sectors along the east coast of Ireland.
The Mainport Group refused to divulge the price paid for Patrick Monahan (Drogheda) Ltd. Monahan delivered pre-tax profits of €447,211 for the 12 months to the end of March 2005, according to accounts lodged with the Companies Registration Office. Fixed tangible assets were listed at €7m (€5.5m in 2004).
The increase reflects a €2.1m increase in the value of property assets following a revaluation by Douglas Newman Good Commercial during April of 2005.
The Mainport Group’s chief executive, David Ronayne, said the acquisition confirms Mainport’s position as one of the leading shipping logistics companies in the country.
“It gives us a significant presence on the east coast of Ireland and since Monahan’s services are similar to those conducted by Mainport in Cork and the Shannon estuary, there are considerable synergies and opportunities.
“Monahans have built a reputable and profitable company since 1948, with an excellent staff, headed up by MD, Willie Lennon. The business will continue to operate as heretofore and we are excited about the prospect of combining our expertise,” he said.
Monahan employs 65 people and had a turnover of e12m in 2005, Mainport Group employs 82 people at sites in Cork, Dublin, Limerick, Foynes, South Africa and Norway and is expected to have a turnover of €42m this year.
This latest move by Mainport gives it local access to the expected growth in business arising from the development of the new national port outside Drogheda.
The acquisition includes 90,000 square feet of office, plant and warehousing facilities in the lower port area of and offices on Merchant’s Quay in Drogheda.
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