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ABF may move Primark base to London as Irish executives age
Paul O'Kane



ASSOCIATED British Foods (ABF) is considering the relocation of Primark's head office to Britain, according to well-placed retail sources.

Discussions are underway as to who will replace Primark boss Arthur Ryan and it is understood that, as part of this process, ABF management is now considering whether it will transfer the management of the clothing chain to Britain to coincide with Ryan's departure.

Primark, which trades as Penneys in the Republic, has been run from Dublin since the business was established more than 30 years ago. In recent years' Britain has become the main focus of the operation, which now has 122 outlets.

A London-based spokesman for ABF said that there were no discussions surrounding a possible transfer of management to Britain, but well-placed industry sources in Dublin argue that such a move is being discussed.

Primark has transformed the British clothing sector in recent years and is now one of the leading retailers there.

The company is the undisputed star in the ABF portfolio and could be worth up to 4.5bn, according to a recent valuation.

Ryan, who recently turned 70, runs Primark with a small team of Irish executives who operate from an office in Dublin's Mary Street.

Aside from Ryan, the other three members of the Irish "gang of four" who run the clothing giant are aged over 60. Finance director Paddy Prior, who is very close to Ryan, is 62, and marketing and human resources boss Breege O'Donoghue is 61.

Operations director Seamus Halford, who Galen Weston poached from Dunnes Stores along with Ryan in the 1960s, is now 60.

With the four Irish executives nearing retirement age and the business focused on Britain, some believe that ABF may feel it makes sense to transfer the head office to London in the next few years.

A career retailer, Ryan shuns the limelight and rarely gives media interviews. He opened the first Primark outlet in 1969 with fellow Primark director Paddy Prior.

Ryan is considered likely to retire in the near future and, though he has shaped Primark for decades, analysts believe his departure will not damage the business. "The Primark formula has been developed over the past 35 years and we believe this is unlikely to disappear when Arthur Ryan decides to retire, " said British stockbroker Panmure Gordon.




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