Moran to buy out 49% stakeholder

FOLLOWING months of speculation Joe Moran, 51% owner of Manor Part Homes looks set to buy out minority stakeholder DCC.

The stakeholders split over the future direction of the business last year when DCC’s Jim Flavin wanted the group sold off while the property sector was still at its peak.

Eventually Mr Moran agreed and the duo started to look for buyers last February. For a variety of reasons a buyer was not found and Moran in the meantime has been trying to do a deal with DCC for its 49% holding.

Manor Park Homes was estimated to be worth at least €700m at the time.

DCC is believed to be asking for €450m for his 49% stake, which Moran is understood to have rejected.