Business Career
In 1981 Dermot Desmond founded National City Brokers in Dublin. The company competed with already established stockbroking names in Dublin such as Davy's and Goodbodys. Desmond sold the company to Ulster Bank in 1994, which at the time was part of the National Westminster Group, for a reported £39 Million. Subsequently as a result of Natwest's takeoever in 2003 by RBS, NCB was bought out by its management with the support of Billionaire businessman Sean Quinn who is believed to now control 25% of the company.
In 1997, together with business partners John Magnier and J.P. McManus, Desmond purchased the luxurious 5 star Barbados resort Sandy Lane Hotel. The Hotel underwent a $450 Million USD renovation and was re-opened in 2001.
In 1996 Desmond backed a consortium headed by Fran Rooney to purchase Baltimore Technologies for £300,000. The company quickly purchased an E - Commerce license from the EU and it experienced rapid growth over the following years. It was briefly a member of the FTSE 100 and had a market Capitalization of £4.5 Billion. The company though fell victim to the dotcom bust and all but collapsed.
Desmond purchased London City Airport from Mowlem for £23.5m in 1995. The investment was considered a large risk as London's Docklands was in recession and the neighbouring Canary Wharf development was in receivership. The airport has since become one of the more profitable in the United Kingdom. Desmond sold London City Airport in October 2006 for a reported £750 million to a consortium consisting of insurer AIG, GE Capital and Credit Suisse.
BETDAQ is the trading name of Global Betting Exchange, a betting exchange operator based in Ireland. It is the second largest betting exchange operator in the market, with Betfair being the largest. The company was founded in 2000 by Dermot Desmond and started trading in September 2001. Its headquarters are located in the International Financial Services Centre in Dublin.
Desmond was a major shareholder in Irish food company Greencore for a number of years. He sold his shares in 2006.
In 2005 Desmond opened the Sporting Emporium, a Dublin-based private members gaming club. It was reported Desmond had invested €5.5 Million of his own money in the venture. After being open for only seven months it faced closure.
Desmond purchased 33.1% of Latvian Rietumu Banka in 2005 for a reported €66 Million. He invested in the bank as a result of being very impressed with its management team and capital structure. The investment in Rietumu initially looked a successful one with Desmonds holding at one stage being valued at €200 million. However the subsequent economic downturn has reduced the value of Desmonds holding in the bank significantly.
Desmond owns a stake in Toronto mining company Mountain Province Diamonds that is valued at £25 million. The Company's sole asset is the Canadian Gahcho Kue Diamond Mine Project.
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