Kerr gets slice of €25m Insomnia
Former Dragon to depart after 20 years
HE helped build up one of the country’s most popular coffee chains… so perhaps Bobby Kerr is now thinking: ‘Bean there – done that!’
The Newstalk host and former Dragons’ Den star is to leave Insomnia, which has been valued at €25m, after 20 years.
The news about the entrepreneur and broadcaster emerged yesterday and it is understood he intends to sell his shares to the other shareholders in the business, which was founded in 1997.
It’s believed Mr Kerr made the decision to leave Insomnia as he now intends to focus on other projects including his broadcasting career.
Mr Kerr yesterday he said it was a ‘very bittersweet day’, adding that ‘Insomnia had been such a big part’ of his life for nearly two decades, and that he was ‘very proud of what I achieved here’.
He said: ‘I will miss the work and the people, many of whom I have formed lifelong friendships with. However, I look forward to the next chapter for me and my family.’
Insomnia has 150 stores across Ireland and the UK.
Harry O’Kelly, the chief executive of the coffee chain, said: ‘The legacy that Bobby leaves and the exceptional leadership team who have a breadth of global management experience, gives me enormous confidence as we navigate this new period of growth and innovation.’
The Kilkenny native has become one of Ireland’s most popular business personalities in recent years and he hosts the two-hour Down To Business show on Newstalk every Saturday morning from 10am to 12pm. He also presents Bobby’s Late Breakfast on the same station on Sunday mornings.
In a recent shareholders report for Insomnia Limited, Mr Kerr was listed as one of four shareholders, owning approximately one-third of the company.
And according to reports in 2014, the company was worth as much as €25million which means he could be in line to receive in the region of €8million. However, a spokesperson for Mr Kerr did not respond to requests for comment on this figure last night.
Mr Kerr spent several years at the helm of the company in the position of chief executive. In 2010 he changed his role to chairman.
In the wake of his departure, there are some other changes being made in the management team at the company.
John Clohisey will now become chairman. Barry Kehoe, who is the company’s current chief financial officer, will join the board of directors.
Meanwhile, the chief operating officer is Dara O’Flynn, who joined in this role this month.
As well as having 150 stores, Insomnia also has more than 350 self-service machines here and in the UK in its portfolio.
They employ as many as 400 people directly throughout the country. Meanwhile a further 350 people are employed through its concessions and franchised stores.
The first Insomnia store was located in a Galway bookshop in 1997.emmajane.hade@dailymail.ie