The family behind Roches Stores, one of the oldest Irish retail brands, will receive rents of almost €18 million per year after the sale of their department store business to Debenhams, the British chain.
The brand will disappear after the sale but the Roche family's future wealth has been guaranteed through an arrangement whereby it will retain ownership of the nine buildings in which the shops to be leased by Debenhams are based.
The British chain has agreed to pay €29 million for the business in a deal that will see Roches' iconic outlets on Henry Street in Dublin and Patrick Street in Cork change hands for the first time since the 1920s.
Debenhams is one of many British and European retailers which see significant growth potential in the booming Irish retail market. The company will rebrand the Roches outlets and bring in its own brands.
The Roches business was established in Cork in 1901 by William Roche. His descendants, led by third-generation company director Richard Roche, control it to this day, although their exact shareholdings are difficult to determine.
Roches said 91 people will lose their jobs after the deal, but added that more than 1,900 other floor and management staff will transfer to Debenhams. Mandate, the union that represents the staff, is arguing for the retention of their current pay and conditions.
Marks & Spencer will acquire the Roches outlet at Wilton in Cork, while an outlet at Nutgrove, south Dublin, will close.
A household name for generations of shoppers, Roches has branches in Galway, Limerick, Waterford and Tralee, as well as Blanchardstown, Tallaght and Blackrock in Dublin. All of these outlets will transfer to Debenhams.
