Football And Pubs
The success of City Refrigeration, or City as it’s known for short, has attracted many predators over the years. Lord Haughey has had numerous offers for the company, including a bid of £270 million in 2002. He has resolutely refused to sell.
His one brief encounter with an outside investor was in 1994 when he sold two thirds of the firm to venture capitalists 3i for £6 million and the staff shared 22% of the proceeds. “They built the business to what it was, so they deserved it” he was quoted as saying at the time.
The injection of capital allowed Lord Haughey to diversify on various fronts and grow the business from a £6m to a £60m turnover in less than six years.
Lord Haughey & Celtic FC
It also allowed him to indulge in his passion for Celtic Football Club. He became a director, investing £650,000 in the process. He also invested in pubs, hotels and property.
With the club on a firmer financial footing, Lord Haughey resigned his director’s role after two and a half years to concentrate on his core business. Although he remains a passionate Celtic fan and an ambassador for the club, he firmly rejects continuing press speculation that he will one day take over at Parkhead.
Managing the seemingly unstoppable growth of City Refrigeration leaves little time for anything else.