A €30 million restructure has seen significant changes at a leading Irish fruit merchant Keeling’s.
Frederick Keeling, md of William P Keeling, along with a number of other family members are reported to have received more than €30m (£20.5m) for having sold out of the Dublin based business.
The deal sees Frederick Keeling step down from his position with the company to be replaced by his nephew David, the son of Joe Keeling, who remains in place as chief executive.
According to company documents, the number of shareholders was reduced for “the purpose of more efficient operation and management of Borling Investments”, the fruit merchant’s holding company.
According to Irish media, Frederick Keeling and his three sons, John, Richard and Stephen, received in total €19.2m (£13.1m) for their shares and options in Borling.
The shares were purchased by Joe, David and Caroline Keeling.
The documents also state that “a certain payment” was made to Frederick Keeling in respect of the termination of his employment. Keeling’s pension was also brought up to “maximum funding limits set by the Revenue Comissioners”.
The restructuring is reported to have been funded by a €31.2m (£21.5m) loan from the Bank of Ireland.
The company has also appointed Liam McGreal, ex-Dunnes Stores chief financial officer, and Seamus Kearney, ex-Aer Lingus chief operating officer, as non-executive directors.
No comments yet