A PRIVATE investor and two venture capital groups, 3i and IVV, have invested £7.1 million in the Northern Ireland timber merchants and builders supplier, J.P. Corry, in a major restructuring at the group.
Director Mr Roger Corry described the capital injection as a great opportunity for the group to continue its recent encouraging development". The private investor, Mr Analsy Tolland, will now carry out the functions of group chief executive.
The senior debt and working capital facilities are being provided by the Bank of Ireland. Mr Tom Kirwan of ICC has joined the board of the new holding company, J.P. Corry Group Limited, in which members of the Corry family will retain a significant share holding.
Mr Tolland is chairman of the animal feeds group James Tolland (Holdings), and moves to head the Corry Group from Cantrell & Cochrane. He has also held senior positions in the west Belfast textile machinery manufacturer Mackie and at the Ormeau Bakery.
J.P. Corry, which employs around 180 people and has a turnover of approximately £30 million, was established in Belfast in 1814. It moved to its current site on the Springfield Road in, 1965. It has branches in Bangor, Ballymena, Downpatrick, Lisburn and Dublin.
