Winthrop Engineering, the data centre builder controlled by businessman Barry English, has beefed up its board with three heavyweight appointments.
Former Ryanair chief financial officer Michael Cawley, Conor Roche, a former managing director of the German specialist disaster recovery consultancy Belfor, and Paul Lynch, a former chief financial officer of Applegreen, have all joined the board of the company. Cawley has agreed to become chairman.
The company has also announced that Anne Dooley, its managing director, will become chief executive. English is to remain as an executive director.
The board shake-up may dampen rumours about an imminent sale of the business, as the company continues its rapid expansion into European markets.
The fast-growing Winthrop has projected that its annual revenues could reach €1 billion by 2024.
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A document prepared by advisers PwC last year, in relation to a possible sales process, indicated that Winthrop was working on projects in eight countries and had a corporate structure spanning 15 countries.
It is understood that the company expects to follow key customers to more European countries.
In the year to April 2020, group revenues more than doubled from €136 million to €283 million, while profits rose 57 per cent to €36.7 million.
The company paid dividends of €37.5 million to shareholders in 2020. English owns 82 per cent, with Dooley holding the remainder.
