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Mick and Ciarán Crean, the twins who run online retailer Micksgarage, have completed a partial management buyout to almost double their stake in the business to 75 per cent.
Ulster Bank has provided funding to the Mayo-born duo to buy some out of the blue-chip shareholders of the business, which ostensibly focused on selling car parts and accessories but which has branched into other product lines in recent years. The business was founded in 2004.
The transaction will take out 40 per cent of the outside backers of the company. Shareholders including Breon Corcoran, the former chief executive of Paddy Power Betfair, former building supplies magnate Michael Chadwick, and Bank of Ireland chairman Patrick Kennedy will remain involved, it is understood.