Actavo Explained

Actavo, formerly Siteserv,[1] is an industrial and engineering services company headquartered in Dublin, Ireland.[2] It has several divisions which provide events management services, modular buildings, scaffolding, fencing, safety equipment and telecommunications networks.[3] [4]

Originally known as Siteserv, the company was acquired by Denis O'Brien in March 2012.[5] The sale of the company was the subject of significant controversy as Irish Bank Resolution Corporation (IBRC, formerly Anglo Irish Bank) wrote-off €119 million owed by Siteserv prior to its sale.[6] [7] A judicial Commission of Inquiry, the IBRC commission of investigation, investigated the circumstances of the sale.[6] The commission's report, published in September 2022, found that Siteserv had provided "misleading and incomplete information" to IBRC.[8]

Described in a 2016 Business Post article as "one of Ireland's most controversial businesses",[9] the company rebranded as Actavo in 2015.[10] As of 2018 Brian Kelly was CEO of Actavo,[11] and it reportedly had approximately 5,000 employees.[12] [13] Following a series of job cuts,[14] this had reduced to approximately 2,000 employees by late 2020.[15] [16]

Notes and References

  1. Web site: Four former Actavo executives launch legal actions against company . Irish Times . irishtimes.com . 11 January 2020 . 6 September 2022.
  2. Web site: Denis O'Brien's Actavo wins Scottishpower meter deal. Irish Times . irishtimes.com. 2016-11-24.
  3. Web site: Actavo UK’s £26m loss revealed in late accounts . constructionnews.co.uk . EMAP Publishing Limited . 21 January 2019 . 6 September 2022 .
  4. Web site: Actavo Direct . Fantastic Media UK Ltd . fantasticmedia.co.uk . 21 December 2017 . 6 September 2022 .
  5. Web site: Timeline: the Siteserv controversy . Irish Times . irishtimes.com . 29 May 2015 . 6 September 2022 .
  6. Web site: Final report on Siteserv sale investigation delivered to Taoiseach . Irish Times . irishtimes.com . 6 August 2022 . 6 September 2022 .
  7. Web site: Timeline: the Siteserv controversy . Irish Times . irishtimes.com . 29 May 2015 . 6 September 2022 .
  8. Web site: Siteserv report 'shines a light on unacceptable practices' during sale, Government says . Irish Times . irishtimes.com . 7 September 2022 .
  9. Web site: Farewell Siteserv, Hello Actavo . Business Post . businesspost.ie . 27 March 2016 . 6 September 2022 .
  10. Web site: Siteserv rebrands in €1bn sales drive . The Times . thetimes.co.uk . 7 September 2022 . 18 October 2015 .
  11. Web site: Forget about Irish Water, Actavo Network's boss says his eye is on breaking America . Independent News & Media . independent.ie . 2016-11-24.
  12. Web site: Denis O'Brien has pumped millions into his Actavo business after swingeing job cuts . fora.ie . 18 January 2018 . 6 September 2022 .
  13. Web site: Actavo's profit fell to €6.6m in 2020 . Independent News & Media . independent.ie . 4 December 2021 . 6 September 2022 .
  14. Web site: Actavo cuts 1,200 staff in six months . The Times . thetimes.co.uk . 14 January 2018 . 7 September 2022 .
  15. Web site: Actavo Group Ltd . Irish Times . top1000.ie . Financial Data [..] 31st Dec 20 [..] Source: CRO [..] 2,140 Employees . 6 September 2022 .
  16. Web site: Pandemic has been no picnic for Actavo . The Times . thetimes.co.uk . 2 August 2020 . 6 September 2022 .