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Arnotts chairman buys out O'Connor family

Arnotts chairman Richard Nesbitt has bought the 24.6% shareholding of the Irish department store business owned by the O'Connor family for more than EUR40 million (£27.12m). The deal marks the end of a battle for ownership of the business. Following the deal, a development partner can now be appointed for the extensive regeneration of Dublin's Northern Quarter, which Arnotts is spearheading. Prior to the buyout, Arnotts was owned jointly by the Nesbitt and the O'Connor families, with the Nesbitts owning 75.4%.

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