MicksGarage.com started as a bedroom startup in rural Mayo but has morphed into a car parts e-tailer of considerable heft and investor appeal. The business now has a €1.5m kitty to help it continue its expansion, following a successful fundraiser in December 2016.
Founded by Ballina brothers Michael and Ciaran Crean in 2003, MicksGarage sells more than seven million car parts and accessories annually through its website, shipping to over 70 countries worldwide. The company has operations in Ireland and the UK primarily, and added a distribution centre in Poland in 2015. Last year also saw the business launch a new distribution hub in Barnsley.
The €1.5m fundraiser was raised from private investors using the EIIS scheme, sourced through clients of Investec Wealth & Investment. Press reports indicated that the EIIS investors included four Paddy Power chief executives (Stewart Kenny, John O’Reilly, Patrick Kennedy and Breon Corcoran), as well as Cormac Barry (head of PP Betfair’s Sportsbet in Australia) and Peter O’Donovan (former PP head of products).
• SalesOptimize ranking of MicksGarage's market share for online car parts
Investec’s Nigel Poynton commented: “MicksGarage.com is one of the truly great Irish e-commerce success stories and a tremendous example of entrepreneurial spirit harnessing the power of an online channel to build a business of scale that can be replicated in markets beyond these shores.
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“As a business it has demonstrated at each stage of its development the ability to grow significantly and the prospects for growth remain strong, in particular as it moves to larger markets with greater scope to build an international business of scale.”
Ciaran Crean said: “Investec has been an important source of support for MicksGarage.com as it continues to grow its business not only in Ireland but increasingly in the UK and other European markets.”
In 2008, operating company Crean Solutions Limited raised €560,000, €185,000 of which came through the BES (a precursor to the EIIS) scheme. Enterprise Ireland (€200,000) and AIB Seed Capital Fund (€175,000) supplied the additional funds.
In 2012, EIIS investors put €395,000 into Crean Solutions Ltd as part of a €2.3m fundraiser. AIB Seed Capital Fund and the Ulster Bank Diageo Fund also invested €1.8m between them for the fundraiser.
Operating company Crean Solutions Ltd booked a profit of €24,000 in 2015 and had total liabilities of €4m and accumulated losses of €2.6m at year-end. The company closed the year with a net deficit of nearly €2m.
Photo: Nicel Poynton (left) and Ciaran Crean
