Colman Collins (62), owner of recruitment agency Collins McNicholas, has sold his business to a group of managers led by Niall Murray (42), who has a 5% shareholding in the firm.

Colman Collins co-founded the company, which has offices in Dublin, Galway, Athlone, Sligo and Cork, 25 years ago. The MBO team comprises three senior members of the management team – Niall Murray, Antoinette O’Flaherty and Michelle Murphy.

The company booked a net profit of €203,000 in 2014 and ended the year with a net worth of €1,085,000.

Year-end debtors amounted to €1,723,000, suggesting turnover in the region of €9m per annum. Year-end cash was €408,000, up from €162,000. Finance for the buyout is being provided by AIB.

Colman Collins will act as a consultant to the company and will continue as a board member. Padraic White, former managing director of IDA Ireland, will continue as chairman.

In Association with

The MBO trio each have over 15 years’ experience in the business. In a joint statement, they said: “As the new owners we are 100 per cent committed to staying true to the values and the ethos that has served us so well over the past 25 years. We are committed to growing the business and see great opportunities for us to grow each office and further develop our HR Services business.”

Collins McNicholas was established in 1990 by Collins and Val McNicholas. The firm recruits across a wide variety of sectors, including Engineering, Medical Devices, Pharmaceutical, Financial, IT, Admin and Sales.

Niall Murray joined Collins McNicholas in 1998 to establish its Sligo office and was promoted to the position of General Manager in September 2010.

Antoinette O’Flaherty joined the agency in in November 1998 and took over from Murray as manager of the Sligo office in 2010.

Michelle Murphy became regional manager of the Galway office in 2007 taking over the role held by Colman Collins at the time. She has worked with the company since 2000, developing its presence in the West.