Walsh outlines Staycity growth plans and mulls IPO

George Sell George Sell Uploaded 07 June 2017

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Ireland: Staycity boss Tom Walsh is targeting turnover of €300 million by 2022 and a possible stock-market flotation.

Speaking to the Irish Times after the company announced turnover of €48 million for 2016, Walsh, who founded the business in 2004 with his brother Ger, said Staycity is looking to grow from its current portfolio of 2,000 units to 15,000 by 2022, with a focus on Dublin, the UK and Germany.

It expects its Dublin portfolio to grow from 190 to 1,500 over the next five years, 650 to 700 of those in the short-term. The company has linked up with Tetrarch Capital for two developments on Pearse Street in Dublin city centre, of 140 and 200 units respectively, with construction expected to start in the autumn.

It will also apply for planning permission this month for a site on Capel Street, where it hopes to build about 300 units with Broadhaven.

Looking further ahead, Walsh said: "Personally I'd like to thing that we'd not trade sale it, although you can't predict the future", hinting at a future IPO. "But we've a hell of a lot of work to do before that."

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