Galway Bay fm newsroom – Supermac’s boss Pat McDonagh has struck a 26 million euro deal to sell a portfolio of his property holdings.
The multi-million deal saw the entrepeneur sell 18 Supermac’s restaurants which he personally owned to Supermac’s holdings, the parent company of the group.
He owns a further 12 restaurants – and he’s not ruling out selling those remaining properties to Supemac’s at the end of this year.
Pat McDonagh says the move was ‘recommended by the accountants’ and the restructuring will consolidate the groups assests under one parent company.
According to the Irish Times, Supermac’s Holdings, which is owned outright by Mr McDonagh and his wife, grew sales last year by 18 per cent to €93 million.
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