The annual EY Entrepreneur Of The Year competition is in train again, and in the International Category there’s a slice of recent Irish business history in the form of Athlone Extrusions, led by James McGee.

Athlone Extrusions converts polystyrene and ABS granules into coloured sheet and film plastic. Over the years the company has been passed from Billy to Jack and has proved to be remarkably resilient.

Athlone Extrusions dates back to 1971 and first changed hands in 1990 through an MBO. In 1998 Athlone floated on the stock exchange, when McGee and other company principals took some money of the table. Like many an Irish small cap, the shares floundered from lack of interest and in 2001 Tony Mullins’ Barlo Group bought the plc.

James McGee was rewarded with €5.6m from Barlo’s munificence. Two years later, Sean Quinn became Athlone’s new owner when he swooped for Barlo. Quinn was more interested in Barlo’s radiators than plastics and he sold Athlone Extrusions a year later, in 2004. And the buyer? Step forward James McGee and some colleagues, for a second MBO, this time for a reported consideration of €55m.

Athlone Extrusions has laboured in recent times, creaking under the debt burden incurred for the MBO. In 2013, for example, there was an operating loss of €320,000 and an interest charge of €3.6m on net debt of €39m.

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However, the situation was transformed in 2014. Athlone’s accounts coyly refer to a restructuring of the balance sheet with the support of lenders. The upshot was a reduction in the group’s indebtedness of nearly €25m. Unfortunately for 140 staff, the quid pro quo was winding up the defined benefit pension scheme.

Still, surely a worthy contender for an EY gong.

Photo: James McGee (fifth from left) with the other EOY finalists in the International category