THE Doherty Group have made yet another acquisition, this time the largest and most exciting in the groups seven-year history. Blacks complex, at Mountain Top in Letterkenny, comprises a thriving 24-hour Texaco Filling station, Centra supermarket, off-licence, Steak House Restaurant and Bar. The entire deal is worth over ¤7 million and it is envisaged that jobs will be addedrather than rationalised in the takeover.
The Doherty Group, led by 28-year-old Omagh businessman Michael Doherty was formed in May 2000 with just one lorry selling home-heating oil. Since then, he has been on an aggressive expansion drive that has taken him into fuel oil distribution on both sides of the border, property, filling stations, timber harvesting and haulage. The group currently employees 42 people and will turn over in excess of £26 million this year.
This new acquisition takes the total number of employees to 77.
Deidre Friel, financial director for the Doherty Group, said, "As with all things in the Doherty Group, this deal moved at a great pace. I was tasked with the job of arranging the various financial details and structure of the deal and many long hours were involved in making our deadline. The complete deal was turned around in just over four weeks, all of which is a tribute to our bankers, solicitors and accountants."
FUTURE PROJECTS
Commentating on the latest acquisition, ACC bank manager Killian Nulty stated, "We are delighted to support Michael on this latest of a string of successful ventures. He has a proven entrepreunural track record and we look forward to future projects together."
Michael Doherty said, "We have been looking for another opportunity in Donegal for some time. Blacks is the perfect fit for the group and will help form the shape of the business.
"I plan to use the overall growth in the group to acquire other businesses and my particular interest for the future is in the licensed and hospitaility trade."
Michael's brother Richard, who is also a director of the group, will be involved in the day-to-day running of the complex.
He said, "This is a big move for the group and one which I am looking forward to getting to work on. The business has developed greatly over the past few years and I look forward with anticipation towards the future."
Michael has some initial plans to add his magic touch to the complex. Currently there is planning approval for a pharmacy and car valeting area. Michael has also plans for a fuel distribution depot based at the complex called 'Mountain TOP Oil' where he will be selling home heating oil and agri-diesel.
Other companies in the Doherty Group include Michael Doherty Oils Ltd, Finnview Service Station Ltd, North-South Timber Harvesting Ltd, Doherty Haulage Ltd, Michael Doherty Oils Ireland, Fermanagh Fuels and Borderview Service Station Ltd.
