Haughey’s son to net €10m from One4All sale
THE eldest son of the late Taoiseach Charles J Haughey stands to net €10m from his share in the One4All gift card company following its sale.
Shareholders, including Conor Haughey and businessman Michael Dawson, along with managers at the voucher company are set to share a massive windfall from the sale.
The One4all gift card can be used at a multitude of participating retailers.
The An Post-controlled firm has now been sold in a deal valuing it at €100m to US technology investor Blackhawk.
State-owned An Post has a more than 53pc stake in Gift Voucher Shop, the company behind the One4All business. Other shareholders include early backer Mr Haughey (inset), who has a 9.96pc stake.
The business got a boost two years ago when then finance minister Michael Noonan lifted a tax-free ceiling on gift vouchers that companies give their staff to €500 each.
SHAREHOLDERS – including the eldest son of the late Taoiseach Charles J Haughey – and managers at the One4All gift card company are set to share a massive windfall from the sale of the business.
The An Post-controlled company has now been sold in a deal valuing it at €100m to US technology investor Blackhawk.
State-owned An Post has a more than 53pc stake in Gift Voucher Shop (GVS), the company behind the One4all business, and its share of the proceeds will be ploughed back into its operations.
Other shareholders include GVS founder, businessman Michael Dawson, with a 10.56pc stake and early backer Conor Haughey, son of the late Taoiseach, who has a 9.96pc stake, according to the latest company filings.
GVS financial director Paul Larkin has a 7.95pc stake and former Fexco executive Pa Nolan has a 9.80pc stake.
Former Ernst and Young Entrepreneur of the Year finalist Mr Dawson founded GVS in 2001 and has led it through a succession of investments.
Fexco held a 76pc stake at one point, followed by a management buyout and the later sale to An Post.
The latest financial accounts for the business recorded profits of €7m in 2017 on sales of €16.4m – which were up nearly 20pc compared with 2016 revenues of €13.8m.
The One4all gift card can be used to buy things at a multitude of participating retailers.
It operates in Ireland, Malta and the UK.
The business in Ireland received a massive boost two years ago when then finance minister Michael Noonan lifted a tax-free ceiling on gift vouchers that companies give their staff to €500 each, making it a popular and low-cost alternative to cash bonuses.
GVS makes its turnover from commission from retailers when vouchers are used.
The sale of the business is subject to regulatory approvals. Blackhawk said buying the Irish business would strengthen its position in the emerging digital gift card market.
“This acquisition is an exciting expansion of Blackhawk’s business footprint in Europe and nicely complements Happy Cards and our strategy to expand original, aggregated retail content globally,” said Talbott Roche, chief executive officer and president of Blackhawk Network.
An Post bought a majority stake in GVS in 2009.
GVS’s corporate customer base includes 6,000 clients who use the gift card product for staff rewards.