From top: Siteserv’s head office in West Dublin; Denis O’Brien

As the Siteserv share register is made public this afternoon.

Everything you wanted to know about Siteserv.

In a handy tl;dr form!

From its inception in 2004 to it’s takeover in 2011 by [REDACTED] right up to the first water meter protests in 2014.

Grab a tay.

Connect the dots!

Marvel at the number of 1980s UCD graduates.

Kick household objects.

2004: Siteserv is founded by Brian Harvey with financial support from Niall McFadden, of Boundary Capital, and private investors. McFadden worked previously at investment bank Morgan Stanley, for Larry Goodman and for oil company Tedcastles before setting up Boundary

November 2004: Siteserv acquires Rent-A-Fence.

June 2006: Siteserv acquires Donohue Scaffolding, which was founded by John Donohue.

October 31, 2006: The London Stock Exchange Aggregated Regulatory News Service reports that Brian Harvey is Siteserv’s CEO; Hugh Cooney is non-executive chairman; Bernard McGlade is Group Financial Controller, and Martin Cole is non-executive director. The report comes ahead of Siteserv being launched on the Dublin and London stock exchanges in November 2006. It also reports that Mr Donohoe is a member of the Siteserv board. Harvey is reported to have a 27.5 per cent of the business while the other directors also have a stake in Siteserv.

November 6, 2006: It’s reported that Siteserv recruited shareholders through Niall McFadden and Declan Cassidy’s Boundary Capital – which has a 24% stake in Siteserv. In 2012 the Sunday Times mentions in an article that Mr McFadden is friendly with businessman Denis O’Brien. There are other reports in November 2006 that say the other listed shareholders include Davycrest Nominees Limited, with 24%, and Harvest Financial Services Limited with 19.6%.

November 15, 2006: Siteserv PLC raises almost €10.5million from its flotation on Dublin’s IEX market and the Alternative Investment Market (AIM) in London. Its share price jumped 36 per cent from 0.55c to close its first day of trading at 0.75c. The company’s market capitalisation was approximately €51 million. Davy acts as nominated adviser, IEX adviser and broker to Siteserv.

November 16, 2006: In an article on Siteserv, it’s reported that: “Harvey and McFadden’s relationship dates back to their college years in UCD in the late 1980s, where now 40-year-old Harvey studied politics and economics before cutting his professional teeth with a stint in public relations firm Drury Communications.”

December 1, 2006: Siteserv announces the acquisition of Holgate Fencing (Ireland) in a cash and shares deal worth up to €19million – its first acquisition as a listed company. Holgate is described as a leading supplier and installer of motorway/road crash barriers and environmental acoustic barriers to the Irish market.

December 6, 2006: Goodbody Stockbrokers names Siteserv as one of three small stocks which it predicts will be leading contenders to deliver value in 2007.

December 22, 2006: Siteserv buys formwork and scaffolding provider Easy Access, which was established in 1992, for €20million. It’s reported the purchase will be funded through Siteserv’s existing resources and additional borrowings of around €15m. It’s reported that Patrick Jordan, founder and managing director of Easy Access, and his management team, will remain with the company after the acquisition. Jordan is also reported to have been made a director of Siteserv. It’s reported that Jordan has entered into a three-year contract with Siteserv with a gross salary of €200,000, plus a director’s fee of €25,000 per annum from Siteserv.

January 5, 2007: Siteserv leads the Dublin market with shares in the scaffolding and fencing firm soaring almost 18pc in early deals.

January 12, 2007: Kevin Gallen joins the board of Siteserv and is appointed chief financial officer and company secretary. Mr Gallen is reported to have previously been finance director and company secretary at Unidare plc. He also worked for the Bacardi Corporation, based in Amsterdam, where he held the position of Assistant European Controller. Prior to joining Bacardi, he worked in audit roles in PricewaterhouseCoopers in Dublin and in Amsterdam. He is a chartered accountant and holds a B. Comm. from University College Dublin.

January 22, 2007: Siteserv posts interim pre-tax profits that rose more than 500% to €2.55million for the six months to October, 31, 2006. It said its revenues grew more than 600% to €16.28million.

March 9, 2007: London Stock Exchange Aggregated Regulatory News Service reports that Bernard McGlade is resigning as a director of the company with effect from March 8, 2007.

March 19, 2007: AIX reports that Siteserv’s chairman Hugh Cooney “raised his stake in the company to 222,953 shares or 0.22 pct of share capital after buying 80,000 shares at 1.04 eur each and 5,000 shares at 1.00 eur each, on March 16 in two separate transactions.” It added: “The company also said executive director Martin Cole bought 30,000 shares at 1.04 eur each and 20,000 shares at 1.06 eur each on the same day, raising his stake to 0.33 pct of the company’s share capital.”

April 21, 2007: It’s reported that Boundary Capital plans to float on junior stock markets in Dublin and London in the coming weeks, and that three of Boundary’s directors – Mr McFadden, commercial chief Declan Cassidy and Martin Cole – will contribute €25 million to acquire equity in the new company. It’s reported that Davy has been chosen as the stockbroker to the flotation.

April 21, 2007: It’s reported that Boundary Capital has agreed to purchase Buy & Sell magazine.

July 16, 2007: Siteserv posts pre-tax profits of €5.3million for the year ended April 30, 2007, up from €600,000 in 2006.

August 6, 2007: It’s reported that the board of Siteserv has agree to accept Kevin Gallen’s resignation as CFO and Company Secretary with immediate effect. Martin Cole, currently a non-executive director, assume the role of CFO and Company Secretary until a new CFO is appointed.

August 12, 2007: Siteserv’s share price drops back down to the flotation price of 0.58. It’s reported this is due to nervousness surrounding the construction sector.

September 6, 2007: Siteserv buys Sierra Communications, a provider of services to the power, telecommunications and civil engineering markets in Ireland, for €46million. Its customers include NTL, ESB and Sky. Deal involves €41.4 in cash and €4.6 in shares. The London Stock Exchange Aggregated Regulatory News Service reports that the beneficiaries of the Sierra sale are Sierra founder Desmond Whyte, and Sierra’s four executive directors, managing director Kevin Hoctor; operations director, Elliott Whyte; field operations director, T.J. Malone; and finance director Steven Quinlan, all of whom are reported to be remaining with the company following the sale while Des Whyte will remain as a consultant to Sierra. The Irish Times reports that the five men will become Siteserv shareholders.

Continue reading →