Roy Barrett, the former long-time head of Goodbody Stockbrokers, has stepped down as chief executive of ecommerce entrepreneur Tommy Kelly’s CastleGate Investment vehicle, which is estimated to have more than €500 million of assets.
Mr Barrett (60) originally agreed to lead a specific project to set up CastleGate in 2021 and put structures, investment processes and systems in place at the fledgling family-office investment firm, according to sources.
The arrangement came to an end in late December, after Mr Kelly moved to take a more hands-on role in the firm after scaling back other previous commitments, they said.
‘It’s a fool who turns down money’
CastleGate has been one of the most active Irish family office investment vehicles in recent years, accumulating a diversified portfolio of shares in public and privately held companies, bonds, property, infrastructure and private equity fund investments. High-profile assets include estate agent Sherry Fitzgerald.
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Mr Kelly is estimated to have made as much as €600 million selling his ecommerce company ESW, formerly eShopWorld, in two stages between 2017 and 2021 to La Poste Suisse and the French company La Poste. Founded by Mr Kelly in 2010, the group works with brands across the world, from Victoria’s Secret to Nike, to help them localise their websites for about 200 markets.
The serial entrepreneur resigned as chief executive of ESW last summer to take on the role of co-chairman.
“Having stepped down from his executive role at ESW last year, Tommy Kelly now splits his time between his co-chairman non-executive post at ESW and directing CastleGate, his private family office,” said a spokesman for the firm.
“Tommy is extremely grateful to Roy Barrett for his support in expertly leading CastleGate through its establishment phase and this planned transition.”
Mr Barrett, who had led Goodbody Stockbrokers for 25 years and exited on the sale of the firm to AIB in 2021, declined to comment. He also served as chairman of the Football Association of Ireland (FAI) for almost four years to November.
Sherry FitzGerald sold to Tommy Kelly’s CastleGate Investments for about €50m https://t.co/525Tywmc9R via @IrishTimesBiz
— Irish Times Business (@IrishTimesBiz) May 31, 2022
CastleGate holds a global investment portfolio that is invested across public and private markets.
Investments that are in the public domain include the company’s purchase two years ago of Sherry Fitzgerald, the biggest estate agent in the Republic, where Mr Barrett remains chairman, for €50 million. Sherry Fitzgerald revealed on Thursday it is expanding into Northern Ireland with the acquisition of Belfast-based Simon Brien Residential.
CastleGate also led a €21 million funding round by Irish-headquartered cybersecurity company CWSI and put €30 million into a major fund run by listed venture capital firm Molten Ventures in 2022.
The vehicle has close to a 4 per cent stake in publicly quoted housebuilder Cairn Homes. Mr Kelly also built up a 4 per cent stake in medical technology company HealthBeacon, which ended up filing for examinership in October, and will see all previous shareholders’ stock cancelled on Friday as its corporate restructuring is completed.
Elsewhere, CastleGate is invested in Irish wearable sports analytics technology company Danu Sports, cosmetics brand Kash Beauty and athleisure business Gym+Coffee, a company also backed by pop star Niall Horan.
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