CORPORATE Finance Ireland, the Dublin corporate finance house, has arranged an £11.5 million sterling management buy out in the south east of England. The firm arranged the finance to purchase the coal distribution subsidiary of Powell Duffiyn, which will now be known as PD Fuels.

Powell Duffiyn is quoted on the London Stock Exchange and has a market capitalisation of £336 million sterling. The management buy out arose following a policy decision by Powell Duffiyn to concentrate on its core activities of port management, oil distribution and specialist engineering.

PD Fuels"is based in Stafford and has a projected 1996 turnover of £36 million sterling.

Corporate Finance Ireland (CFI) arranged the £7.5 million acquisition finance which, together with working capital facilities, brings the total size of the transaction to £11.5 million. CFI arranged tailored asset backed funding from TSB Commercial Finance.

Managing partner Mr Michael Semple said CFI had built up extensive contacts in Britain through arranging venture capital and other funding for Irish MBOs.

This led to it being called in to arrange the complex PD Fuels deal, which involved the purchase of assets not always suitable for bank security and the need to provide for a highly seasonal business. Following the PD Fuels deal, the firm is now working on another British MBO. CFI, which employs five people, has completed 30 MBOs in the past five years, including those of Lowe Alpine, Dakota and Aluset Group.