Norbrook Laboratories received €8.55m insurance pay-out following Haughey death

The late Eddie Haughey RIP

The late Eddie Haughey RIP

Newry-based Norbrook Laboratories has received an insurance pay-out of £6.12m (€8.55m) arising from the death of its founder and CEO Edward Haughey.

The former Seanad member and chairman of the group, Lord Ballyedmond died in March of last year in a helicopter crash in thick fog in Norfolk along with three others.

At the time of the crash, Dundalk native Lord Ballyedmond (70) was Northern Ireland’s richest man with his personal wealth estimated to be around £650m.

Now, new accounts filed by Norbrook Holdings Ltd to Companies House in the UK disclose that the group received the exceptional gain of £6.12m through its ‘keyman insurance policy’.

Businesses take out ‘keyman’ insurance policies to compensate for any financial losses that may arise from the death of a key member of business.

The £6.12m gain contributed to profits increasing at the group last year by 7pc to £22m.

The group – which employs 2,045 people – recorded the increase in profits in spite of revenues decreasing by 2pc from £202.49m to £198.7m in the 12 months to the end of August 1, 2014.

The accounts show that Mr Haughey last year received emoluments from Norbrook Laboratories totalling £2.7m.

Lord Ballyedmond was born in Kilcurry, north of Dundalk and was educated by the Christian Brothers in Dundalk.

According to the directors’ report since Lord Ballyedmond’s death, the company has taken steps to strengthen its board and management team and has appointed to the board Lady Ballyedmond, Prof James Haughey and Edward Haughey.

Liam Nagle – who previously served as CEO of the Sisk group – was appointed Norbrook Laboratories chief executive in February of this year.

Three of Ireland’s richest people are from Dundalk

Martin Naughton is Ireland's fifth richest man according to The Sunday Times

Martin Naughton is Ireland’s fifth richest man according to The Sunday Times

Three men from Dundalk are amongst the 10 richest people in Ireland, according to the latest Sunday Times Rich List which was published last weekend.

The publication found that Glen Dimplex founder Martin Naughton was the fifth richest man in the country, with an estimated fortune of €1.724 billion.

The former De La Salle student also has a luxury apartment on board The World, an exclusive residential cruise ship.

Next in the list in sixth place is Lord Ballyedmond and family, who have an estimated fortune of €1.687 billion. Lord Ballyedmond, also known as Edward Haughey, died in a helicopter crash having built up a fortune from his Newry-based pharmaceutical business, Norbrook.

He was buried in his native Kilcurry following his death with his wealth being left to his wife Mary and children.

Naughton and Haughey made the second biggest rises in terms of wealth in the year, just behind Hilary Weston and family.

Not far behind in eighth place is Pearse Lyons, owner of the Kentucky-based Alltech. The former Harp Lager brewer has an estimated fortune of €1,145 billion.

Not far behind them in 15th place is Larry and Kitty Goodman and family, owners of AIBP Meats in Ardee. They have an estimated fortune of €612m.

The McCann brothers, David and Carl, of Fyffes and Total Produce, were joint 98th on the list with a fortune of €108m.

Boylesports owner John Boyle was also 201st on the list with a €57 million fortune.

Meanwhile, John Doyle of Oxigen Environmental and Mark Goodman, son of Larry and Kitty Goodman, who owns MGI Marketing both have estimated fortunes of €2m each which was enough to secure them 17th place in the Ireland’s young rich list for those 30 and under.

Edward Haughey funeral to take place today

The late Eddie Haughey RIP

The late Eddie Haughey RIP

The funeral of Lord Ballyedmond Edward Haughey, who died with three others in a helicopter crash in England earlier this month, is due to take place later today.

A former Coláiste Rís student, Dr Haughey was one of Northern Ireland’s richest men and founded the world-renowned Norbrook Laboratories. He was made a UUP peer in 2004 before switching to the Conservative Party. His title came from Ballyedmond Castle, which he owned in Rostrevor.

The 70-year-old died after his helicopter crashed in Norfolk on the evening of Thursday March 13th.

The other victims were colleague and site foreman Declan Small, who was from Mayobridge in Co Down, and two pilots named as Captain Carl Dickerson and Captain Lee Hoyle.

Mr Small’s funeral took place in his native village on Sunday.

Funeral mass for Dr Haughey will take place this morning at the Cathedral of Saint Patrick and Saint Colman in Newry at 11:30am.

He was born in Kilcurry, just outside Dundalk, in 1944 and will be buried in the parish cemetery on Monday afternoon.

Haughey was suing helicopter manufacturers prior to fatal crash

The wreckage of the helicopter in Gillingham, Norfolk, England, which crashed yesterday, killing all four occupants, including locally born businessman Edward Haughey.

The wreckage of the helicopter in Gillingham, Norfolk, England, which crashed yesterday, killing all four occupants, including locally born businessman Edward Haughey.

Millionaire businessman Eddie Haughey, who was killed along with three other men in a Norfolk helicopter crash on Thursday, was suing its manufacturers about alleged faults.

The case, taken by Mr Haughey’s company, Haughey Air Limited against Agusta Westland, came before Judge Mackie at the Commercial Court in London in late February, according to court records.

The legal action began last September, where Mr Haughey demanded repayment of the full cost of the helicopter because of a series of faults that kept it on the ground for 85 days of repairs.

High Court documents report that he alleged that the Agusta Westland had suffered a series of defects and reliability problems, including a hole in one of its blades and gearbox oil leaks.

Air accident investigators are expected to spend days gathering remnants of the helicopter which crashed near Gillingham on Thursday, killing Lord Edward Haughey and three other men.

A hugely successful businessman, Dundalk-born Mr Haughey was the second person to have been both a member of the Oireachtas and the British House of Lords, where he sat as Lord Ballyedmond. He was appointed to the Seanad by Albert Reynolds in 1994.

A series of witnesses report hearing a loud bang, followed by the sound of an engine winding down seconds before the Agusta Westland AW139 crashed shortly before 8pm.

The AW139 medium twin helicopter was bought in 2011 and delivered a year later and flew Mr Haughey regularly between his homes in Northern Ireland and Norfolk.

The helicopter model has a top speed of 165 knots (306 km/h), a range of nearly 1,000 kms and can fly for up to five hours, according to its manufacturer.

The crash site is 150-200 square metres, Norfolk Constabulary said yesterday, covering parts of a ploughed field and a main road, near a roundabout.

Three of the four crash victims were officially named: Mr Haughey; his estate foreman, Declan Small and Carl Dickerson from Lancashire. The fourth man has been named locally as Lee Hoyle.

Police ruled out any suspicious circumstances that could have led to the crash, before handing over to the UK Air Accidents Investigation Branch (AAIB). The bodies of the men were taken from the scene as darkness fell yesterday, while all roads, bar one, that had been closed for nearly 24 hours were reopened.

One witness, Michael Tabby, said he and a friend were standing outside a McDonald’s branch at the roundabout when they heard a helicopter “coming in quite low.

“It sounded like it was in difficulty and was trying to land,” he said, but it then crossed the road. “There was a loud bang followed by the sound of an engine winding down.”

Source: The Irish Times

Norbrook release statement on Haughey’s passing

The late Eddie Haughey RIP

The late Eddie Haughey RIP

Norbrook Pharmaceuticals, the company founded by the late Edward Haughey, have released a statement following his passing in a helicopter crash in Eastern England last night.

The statement read: “It is with sincere sadness and deep regret that the Company confirms our founding Chairman and CEO, Lord Ballyedmond, was one of four people who tragically lost their lives in an aviation accident at Gillingham, Norfolk at approximately 7.30pm on Thursday 13 March 2014.

“Norbrook management and staff also mourn the loss of their friends and colleagues Declan Small (Site Foreman), Captain Carl Dickerson (Pilot) and Captain Lee Hoyle (Pilot).

“Our thoughts are with the immediate families and friends of the deceased who have requested privacy at this difficult time.

“We take enormous pride in our Chairman’s extraordinary legacy in establishing Norbrook as a global veterinary and pharmaceutical industry leader. Management will continue to advance his vision with a renewed vigor and determination befitting his memory.

“At this time there is no further information.”

Edward Haughey killed in helicopter crash

The late Eddie Haughey RIP

The late Eddie Haughey RIP

Dundalk-born businessman Eddie Haughey has died following a helicopter crash in eastern England last night.

The head of Norbrook Laboratories was one of four victims of the crash, which happened in thick fog in Norfolk around 7.30pm.

The helicopter was reported to be on its way to Northern Ireland and was carrying Dr Haughey, who is also known as Lord Ballyedmond of Mourne in Co Down.

Born in Kilcurry in 1944, the 70-year-old was Northern Ireland’s richest man.

A spokeswoman for Norfolk Police said: “It’s a civilian helicopter, and there were four occupants on board who are all thought to have died in the crash.”

The incident took place near Gillingham Hall, a mansion owned by Lord Ballyedmond.

The East of England Ambulance Service said: “Sadly, it is believed that four people in the helicopter are believed to have died in the crash. Ambulance resources have now been stood down from the scene. Our thoughts are with the family and friends of those who have lost their lives tonight.”

The founder and owner of veterinary pharmaceuticals giant Norbrook, Dr Haughey was included in the 2011 Sunday Times rich list and reported as having a personal fortune of some £650 million (€780 million). Norbrook is based in Newry, Co Down, but also subsidiary plants on both sides of the Border.

Educated in the Christian Brothers, last week’s Sunday Independent rich list found he was the 29th richest man in Ireland with an estimated fortune of €430m.

He lived outside Rostrevor, Co Down on the shores of Carlingford Lough. He was also a former member of the Seanad, nominated by former Taoiseach Albert Reynolds and later by Bertie Ahern.

Lord Ballyedmond is also reported to have been the owner of an air travel company.

SDLP Assembly member Karen McKevitt said: “I am deeply saddened about the news reports about the untimely death of Lord Haughey tonight.”

A report from Sky News, shortly after the crash, can be viewed below.

Dundalk-born Lyons is Ireland’s fifth richest man

Pearse Lyons grew his fortune by €200m in the last year

Pearse Lyons grew his fortune by €200m in the last year

Dundalk-born Pearse Lyons is Ireland’s fifth richest man, according to the Sunday’s Independent’s Irish Rich List 2014 publication, which was released at the weekend.

The newspaper estimates that the former Pearse Park resident has a fortune of €1.8bn, having grown his wealth by €200m in the last year.

Lyons is known for his animal healthcare business Alltech, which has a base in Co Meath. Having first made a breakthrough working for Harp Lager in Dundalk, the 69-year-old has also returned to his roots with a brewing business in Kentucky and Carlow that has produced the likes of Kentucky Bourbon Ale and Stout.

Lyons’ ever-growing empire means he now stands behind only industrialist Pallonji Mistry and family, Brown Thomas owner Hilary Weston, telecoms boss Denis O’Brien and financier John P Grayken in Ireland’s Rich List.

He was also the fifth biggest riser in terms of wealth in the last year, showing he is going from strength to strength at present.

Martin Naughton remains in the top 10

Martin Naughton remains in the top 10

Close behind Mr Lyons is Glen Dimplex owner, Martin Naughton, who came in in eighth place with an estimated fortune of €1.3bn – up €20m in the last year.

The former De La Salle College student has operations in Dunleer and Newry, while other assets include large portions of the IFSC and the Merrion Hotel.

In 21st place is beef baron Larry Goodman, who has an estimated fortune of €650m. This figure has dropped by €20m in the last 12 months according to the Rich List though as the Stabannon man has not gone unaffected by the horse meat crisis that rocked the industry last year.

Another local in the top 100 is animal pharmaceuticals boss Edward Haughey. The former Coláiste Rís student has an estimated fortune of €430m – up €10m n the last 12 months and is now regarded as Northern Ireland’s richest man.

Haughey, also known as Lord Ballyedmond, is the driving force behind Newry-based Norbrook labs, one of the country’s most successful animal healthcare and pharmaceutical companies.

The Moore family, whose father George hailed from Dundalk prior to his passing last year, are in 52nd place with an estimated fortune of €210m.

George Moore made his money from cloud computing and data capturing but the wealth he left behind has fallen by €30m in the last year. He is survived by his wife Angela and three children, all of whom are based in the US.

Meanwhile, the Superquinn brand may be gone but Feargal Quinn – who started the business in Dundalk in the 1960s, can still claim to have a €160m fortune, which is enough for 70th place on the list.

Despite the food market being a difficult and competitive place to be at present, his fortune is estimated to have rose by €9m in the last year.

Just outside the top 100 in 127th place is the McCann family, who between their involvement with Fyffes and Total Produce are worth €82 million – up €17 million on a year ago.

Colm Piercy of Digiweb

Colm Piercy of Digiweb

Meanwhile, Colm Piercy of Dundalk-based Digiweb is in 160th place, with an estimated fortune of €70m – up €25m in the last year.

Louth businessman Phelim McCloskey, who is behind the Mosney park which is now used as a refugee asylum centre, is a new entry in the list at 236th place with an estimated fortune of €45m.

Over the last 10 years, Mosney has received over €101m from the Department of Justice.

Close behind in 239th place is Boylesports owner John Boyle. Boyle has an estimated fortune of €45m, which is up €4m on last year as the company’s 192 betting shops continue to grow.

Meanwhile, Paul Ward of the IMC cinema group, which has a cinema in Dundalk at Carroll Village, has an estimated fortune of €41m, down €1m on last year. That was enough to earn him the title of Ireland’s 254th richest man.

Ray Coyle, a former St Mary’s College student, also makes the top 300 in 263th place for his success with Largo Foods, which produce Tayto, Sam Spudz and Hunky Dory crisps.

He has an estimated wealth of €37m, up €3m in the last year.

Finally, John Teeling and family, the former owners of Cooley Distillery who will shortly open a new distillery at the former Great Northern Brewery in Dundalk, is 295th on the list with an estimated fortune of €25m, down €1m in the last year.

Lord Ballyedmond to go to court over right of way dispute

Lord Ballyedmond Edward Haughey

Lord Ballyedmond Edward Haughey

Dundalk-born Lord Ballyedmond (Edward Haughey) is to go to court next year to settle a dispute over right of way on his land.

Proposals aimed at resolving the disagreement between the industrialist and Newry and Mourne District Council have been rejected.

The dispute centres on whether a laneway on Lord Ballyedmond’s estate, beside Killowen beach in County Down, is a public right of way.

A High Court judge agreed to list the case for hearing next February. The trial is set to last for almost two weeks.

Lord Ballyedmond, also known as Dr Edward Haughey, is head of leading veterinary pharmaceuticals company Norbrook Laboratories, and is thought to be Northern Ireland’s richest man. Despite the firm suffering a dip in profits, he received a wage of over £4m according to the latest company accounts.

As part of ongoing legal proceedings he has already secured an injunction preventing access to the laneway.

It was granted after concerns were raised about any alleged trespassers coming close to sensitive research facilities.

A potential breakthrough in the dispute emerged earlier this year following negotiations over a possible re-routing.

Proposals made on a without prejudice basis were then put before the council for consideration last month.

But the High Court was told on Monday that they failed to be endorsed by the local authority.

A solicitor for the council said: “Unfortunately the council has decided that the proposals put forward aren’t acceptable to the council for a range of reasons.

“That decision was taken after a full meeting of the council in which they received detailed presentations about the merits and disadvantages of the proposals.

An injunction is in place preventing access to Lord Ballyedmond’s land

“In those circumstances I have been asked to request a trial date for this matter.”

A solicitor for Lord Ballyedmond said his client was “more than disappointed” with the council’s decision.

He added: “For a number of years a great deal of money and time has been spent on producing voluminous reports, to find at this point that’s not going to bear fruit.

“We have written asking for some detail as to what the problem is.”

Source: BBC

Local trio amongst top 10 richest people in Ireland

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Three of the top 10 richest people in Ireland come from Dundalk.

That’s according to the Sunday Times Rich List 2013, which was published on Sunday.

The richest local is Alltech founder Pearse Lyons.

The 68-year-old, who left Dundalk for Kentucky in 1976, has an estimated fortune of €1,082m – making him Ireland’s 6th richest person.

Close on his heels in seventh place is Glen Dimplex founder Martin Naughton, who has an estimated €1,022m fortune.

Then in eighth place is Kilcurry’s Edward Haughey, or Lord Ballyedmond as he is sometimes known, who has accumulated a €1,011m fortune through his Newry-based pharmaceuticals company, Norbrook.

Just outside the top 10 in 13th place is beef baron Larry Goodman, who owns the ABP group. He and his wife Kitty are estimated to have a fortune of €613m.

Others from the area to feature in the top 250 are software developer George Moore (€158m – 61st), fruit company owners David and Carl McCann (€54m – joint 181st), Boylesports owner John Boyle (€51m – joint 195th) and Digiweb’s Colin Piercy (€46m – joint 213st).

Also in joint 235th place were Patrick and John Joy of Suretank in Dunleer and Henry McArdle and his son Fergus, who own Meath-based Easi Uplift. They came in at joint 235th place with an estimated €41m fortune.

Meanwhile, former Louth inter-county footballer John Doyle was joint 14th in the under 30 rich list having built up an estimated €2m fortune through Oxigen. That puts the Mid-Louth man on a par with film star Saoirse Ronan and popstars Jedward in terms of money earned.