Top-up firms merge

Lighthouse and YQ? International, two of Ireland's biggest mobile phone top-up vending machine groups, have merged and plan to…

Lighthouse and YQ? International, two of Ireland's biggest mobile phone top-up vending machine groups, have merged and plan to expand overseas.

Killian Whelan, a shareholder in the combined company, said the merged entity's Irish operation would post a profit of about €1.5 million on revenues of €100 million for 2007.

Both companies have been loss-making to date. Margins in the business are thin with operators often squeezed by mobile operators and retailers. An Post and Alphyra are other leading operators in this space.

Lighthouse was owned until late last year by Eamonn de Valera, a grandson of the former taoiseach and president of Ireland, and his wife Geraldine.

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Accounts for Cork-based YQ? for the year to the end of December 2005 show it earned revenues of €71 million.

Ciarán Hancock

Ciarán Hancock

Ciarán Hancock is Business Editor of The Irish Times