Celeb accountant sells British business to Formation Group in €10m deal

CELEBRITY accountant Ossie Kilkenny has sold his British business to the London-listed Formation Group in a deal worth around €10 million.

Mr Kilkenny, the accountant to the likes of U2, Bryan Adams, Chris de Burgh and Def Leppard, sold his Irish business last year to Mazars.

OJ Kilkenny & Co specialises in advising clients in the entertainment and sporting industries.

It is owned by Mr Kilkenny and his associates Brian Murphy and Patrick Savage and employs 35 people.

The company made a profit after tax for the year ended May 31, 2007 of £421,169

Formation are paying and upfront cash payment of £1.6m and issuing 2.24m shares worth £500,000.

If OK Kilkenny & Co meets certain profits target by end October 2008, £1.6m will be paid and up to a $600,000 if other targets are met.

Six months after the takeover is completed shareholders in OJ Kilkenny & Co will receive a figure equal to the net assets of the business at May 231, 2007, which is equivalent to £2.85m.

The move marks a return to the sporting and entertainment world for Formation.

Last year it sold its sports management business, whose clients include Manchester United striker Wayne Rooney.

Formation also has a property development arm which is active in the Irish market.

It has a stake in Columbia Formation Group (Ireland), the holding company for two major property developments in Dublin, one at Clancy Quay, the other at Davitt Road.

These developments have recently been independently valued to have a land value of €170m.

Shares in Formation closed up 3.3% yesterday, valuing the company at £47.5m (€70m).