MAYO-BASED fashion and accessories retailer Carraig Donn has been put up for sale by its owners, brothers Pat and Vincent Hughes.
It is understood they hope to secure about €30 million for the business, which is based in Westport.
When contacted by The Irish Times, Pat Hughes denied the business was on the market and described the reports as "rumour and innuendo". He said the business was strong and continued to grow.
It is understood, however, that bids from three groups have been shortlisted. A second round of bidding is expected to close in the next couple of weeks. Key Capital is believed to be handling the sale.
The business comprises a chain of retail outlets, a wholesale business and a manufacturing facility in Westport. All three arms of the business are believed to be included in the sale, along with freehold rights on about nine properties.
Carraig Donn's website lists it as having 20 stores around the country, including two in Dublin and one on Inis Mór in the Aran Islands. Mr Hughes, however, said it only operated from 18 sites.
The retailer carries a range of high-end Irish giftware labels, including Newbridge Silverware, Waterford Crystal, Belleek China, and Stephen Pearce and Louis Mulcahy pottery.
Carraig Donn also produces its own range of furniture and clothing, including knitwear. The company is believed to employ more than 250 staff.
Latest accounts for Carraig Donn Sales Ltd show that it made a loss of €873,665 in the year to the end of January 2007. This was just over four times the level of the previous year.
No turnover figure was published by the company. Its gross profit was €9.1 million, while it posted an operating loss of €393,037.
In 2006, the company recorded an operating profit of €19,235 on gross profit of €7.7 million.
Interested parties are believed to have been guided that Carraig Donn's turnover is about €21 million, while it has earnings before interest and tax of around €3 million.
