Lagan begins new business with proceeds of sale of materials firm

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

Mr Lagan sold the Belfast-based Lagan materials business to British group Breedon, in April for £455 million (€527 million) but kept some other operations, including his company's house-building 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 on Thursday.

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House builder Lagan Homes – one of the operations that 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.

That company is also seeking sites in Northern Ireland and Britain,where it has long-established operations.

Centre Parcs

A third company, Fasthouse, is close to completing 466 holiday homes in 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.

Breedon's purchase of Lagan Materials, which produces stone, asphalt and concrete for building, was one of the biggest deals involving an Irish company this year.

At the time, Breedon noted that had it owned Lagan in 2017, the company would have turned over £900 million and earned £163 million for the British company.