ACT Venture Capital has acquired a 25 per cent stake in Irish Car Rentals (ICR), a Limerick based car rental firm, for £1.65 million. All the funds have gone into the company and they will be used for "planned growth and expansion", ACT said. Part of the funds have been used to fund ICR's recent acquisition of Ennis Road Motors, a major Opel dealer.

ICR was established in 1984 by Mr John Leahy, managing director, and Mr John Culleton, operations directors, who remain the main shareholders. They were joined in 1990 by Ms Rosemary Fogarty, finance director, who has a small shareholding. Mr Walter Hobbs is to join the ICR board.

ICR has "grown rapidly", said ACT. Turnover is set to exceed £15 million this year, compared to under £10 million last year.