La­gan starts in­vest­ment fund with sale pro­ceeds

The Irish Times - Business - - BUSINESS | NEWS - BARRY O’HALLORAN

Busi­ness­man Kevin La­gan is launch­ing an in­vest­ment fund with some of the cash from the €520 mil­lion sale of his build­ing ma­te­ri­als com­pany.

Mr La­gan sold the Belfast­based La­gan ma­te­ri­als busi­ness to British group Bree­don in April for £455 mil­lion (€527 mil­lion) but kept some other oper­a­tions, in­clud­ing his com­pany’s house­build­ing firm.

He and sons Peter and John are launch­ing a new busi­ness, La­gan In­vest­ments, which they in­tend will seek op­por­tu­ni­ties in a va­ri­ety of in­dus­tries.

“La­gan In­vest­ments has al­ready in­jected cap­i­tal into sev­eral di­verse sec­tors in­clud­ing real es­tate, dis­tri­bu­tion and tourism,” Mr La­gan said yes­ter­day.

House­builder La­gan Homes – one of the oper­a­tions Mr La­gan kept – plans to ex­pand south and is on the hunt for suit­able sites, in­clud­ing in Dublin’s com­muter belt, where de­mand for land and hous­ing is high.

A third com­pany, Fast­house, is close to com­plet­ing 466 hol­i­day homes at Ire­land’s first Cen­ter Parcs re­sort in Co Long­ford. Fast­house can build tim­ber-frame homes to a wa­ter­tight stage in just two days. Mr La­gan es­tab­lished the busi­ness in 2016 and it has been grow­ing rapidly since then. It is sep­a­rate from the La­gan group.

The busi­ness­man pledged to re­main in­volved in all the busi­nesses in the fu­ture.

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