Melly lines up Adare Manor

13 january 2013

POWERSCOURT Capital Partners, the venture capital firm headed up by Sean Melly, is trying to assemble a consortium of investors to take over Adare Manor, a five-star hotel and golf resort in Co Limerick.

Melly is seeking up to €13m on behalf of the resort’s management team including Gerard Cosgrove, Adare’s chief executive.

Cosgrove is the son-in-law of Adare’s American founder, Tom Kane, who has gone bankrupt in Florida.

The resort, which includes an 18-hole championship golf course, a 62-bedroom hotel and more than 60 villas and town houses, is 20% owned by Kane, a former US fighter pilot.

A further 60% is owned by his extended family. The remainder is owned by investors including the financier Dermot Desmond and Ken Langone, founder of the Home Depot retail empire in the US.