Two Cork-based businessmen will share the proceeds of a £2 million sterling (€3.1 million) deal after Dublin-based Irish Helicopters was sold to PDG Helicopters, Britain's largest helicopter business based in Inverness in the Scottish Highlands.

Irish Helicopters was owned by Bolkow Helicopters. Mr Guy Perrem and Mr Daniel Teegan, both with addresses in Monkstown, Cork, jointly own Balkow. It is understood they bought Irish Helicopters 2½ years ago, around which time its Cork and Shannon operations were discontinued. As of February 28th, Irish Helicopters had €1.2 million in total assets, of which €900,000 were tangible assets. It has a fleet of five passenger helicopters. For the 12-month period to February 28th, it paid no corporate tax, suggesting it made no taxable profits. In the previous year, it paid corporate tax of €2,673, suggesting taxable profits of just over €13,000.

Irish Helicopters has contracts with major groups in the State, including power line checks for the ESB as well as deals with Bord Gáis and the Irish Lighthouse Board. It also runs a charter business and it is this which PDG hopes to expand in the Irish market.

PDG already operates in the Republic, mostly in the aquaculture industry transporting salmon smolts.