Tom MacGuinness of Horseware
Dundalk-based equine clothing company Horseware is seeking investment of up to €5 million to help it boost its sales across Europe and America.
That’s according to a report in today’s Irish Times.
The newspaper also reports that company founder Tom MacGuinness has also hired accountancy firm Grant Thornton to help it undertake a strategic review of the business.
The Dromiskin man said the review could lead to a merger with another European distributor or even a sale of the business in “three to five years time.”
Horseware, which has an 80,000sq ft factory at the Finnabair Industrial Estate which employs about 120 staff, sells about €33 million worth of horse and rider clothing each year.
MacGuinness (62) told The Irish Times that all interested parties had been consulted about the decision to bring Grant Thornton on board and admitted that he was looking to approach investors with the hope of raising between €3-€5 million.
It is Tom’s hope to bring sales up to the €40m level but he admitted that if he achieved that he would have a decision to make: “Do we continue to grow it, or do well sell it?”
Source: Horseware hires Grant Thornton as part of strategic review (The Irish Times)
