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Clerys in talks over fresh investment

Published 18/09/2012

Clerys has declined to comment amid reports that the iconic Dublin department store could be sold this week.

The Guiney family, which owns the shop on the capital's O'Connell Street, has been engaged in month-long talks that could lead to a potential sale or investment.

Boston-based investment firm Gordon Brothers is involved in the talks, along with Bank of Ireland.

A spokesman for the department store operator said in August that the Guiney family had held a number of negotiations in recent months with various interested investors.

Gordon Brothers has an extensive track record in advising and investing in mature and distressed businesses. It conducts over $50bn (£31bn) worth of transactions and appraisals every year. A spokeswoman for Gordon Brothers did not respond to queries.

It has been reported that Gordon Brothers would be willing to pay as much as €14m (£11m) to acquire about €26m (£21m) of debt owned by Clerys to Bank of Ireland.

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