Davy staff look to block sale of firm to private equity bidders

Employees fear a private equity firm will sell off less profitable sections of the stockbroker, while three members of the Davy 16 group are contesting their inclusion as defendants in a new legal case over the Anglo bond sale

Shareholders in Davy who still work at the firm are said to have concerns that a private equity buyer will break up the business by stripping out the lucrative wealth management arm and cutting adrift its less profitable capital markets business.

Significant divisions have emerged among shareholders in Davy and among the so-called Davy 16 group, the Business Post can reveal.

As the sale process for the firm continues, it has emerged that a significant number of shareholders who still work at the stockbroker are opposed to it being sold to a private equity buyer over fears it may break up the business.

A split has also emerged within the group of 16 former Davy employees ...