Firm sale nets €335m for owners

THE sale of Irish online accommodation reservation company, Web Reservations International (WRI), to US private equity house, Hellmann & Friedman has netted its founders and former owners – most notably former chief executive, Ray Nolan – nearly $500m (€335m).

WRI, which had been 80% owned by management and staff – had originally looked at a public listing, but held back on account of equity market deterioration.