Siteserv to rebrand and consider a stock market flotation

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Siteserv, the utilities-support company sold by the Irish Bank Resolution Corporation (IBRC) to a company owned by businessman Denis O’ Brien three years ago, is to rebrand itself as Actavo according to comments made by its chief executive Sean Corkery over the weekend.

As part of its planned reorganisation, the company will also drop the names of various subsidiary companies, including Sierra, the business that has a contract to install meters for Irish Water.

Siteserv is growing by more than 20% every year currently and last week its industrial services division won a €175m contract with Babcock International to service five ports in the UK.

Corkery says the company plans to generate €1bn in annual revenues within the next five years, and it may consider a stock market flotation to finance this growth.

"If we keep going at that level [of strong growth], we will need some investment. An initial public offering could be an enabler in terms of financing," he told The Sunday Times.

As part of that profile interview he admitted that he will be glad to see the name go - and that he did not believe that its dealings with Irish Water will define the company.

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