Michael Chadwick, chairman of builders' supplier Grafton Group, has invested almost €2.2 million in a centuries-old British property company.
The Irish Times learned yesterday that Mr Chadwick has bought a 17.5 per cent share in Wellington Market Company plc for about £1.5 million (€2.19 million).
Wellington is listed on Ofex, the London-based exchange for small and medium-sized enterprises. It operates open-air and covered retail markets in England and Wales that sell fruit, vegetables and other products.
The company also manages a small mixed property portfolio in Britain. It manages antique and collectable fairs, but was planning a review of this business late last year, as the sector has become overcrowded. It was established in the year 1244.
Mr Chadwick bought the stake recently. Around the same time, a restructuring of the business saw the group's biggest shareholder, the Simon family, increase its holding to 22.5 per cent.
He would not comment on the purchase, beyond saying it was a private investment.
In the six months to the end of June last year, Wellington had a turnover of £3.06 million, up from £2.9 million during the same period in 2004.
Profits before tax in the 2005 first half dipped slightly to £385,000 from £408,000 during the comparable period the previous year. Earnings per share were 3.1 pence, down from 3.4 pence in 2004.
The group's balance sheet shows that on June 30th, shareholders' funds stood at £6.15 million, up from £5.6 million a year earlier.
Full-year results show that turnover was £6.5 million and profits before tax were £841,000. Earnings per share were 6.5 pence and shareholders' funds were just over £6 million.
The group's markets have a total of 6,000 stalls and it is headquartered in the Vale Business Park, Cowbridge, in southern England.
Mr Chadwick last year successfully led Grafton's takeover of rival Irish operator Heiton, to form the Republic's biggest builders' merchants and DIY chain. Through the combined British interests of Grafton and Heiton, the enlarged group is number four in its business in Britain.
Mr Chadwick himself has made a number of private investments across the water.
He has built up a 22 per cent stake in British building contractor Pochin's, through a number of purchases of the company's shares. The last tranche he bought was in July.
The company has been going through a change in ownership structure. Members of its original owners, the Lanni and Edwards families, sold their holdings to Mr Chadwick. During the autumn, the Irish businessman joined the Pochin's board.
