Kildare firm Murray and Spellman has been sold

Sale to Arachas Corporate Brokers subject to Central Bank of Ireland approval

Conor McHugh

Reporter:

Conor McHugh

Email:

conor@leinsterleader.ie

Kildare firm Murray and Spellman has been sold

Murray and Spellman offices in Sallins

Murray and Spelman, the insurance and finance broker based in Naas, and more recently in Sallins, has been sold.

The buyer is Arachas Corporate Brokers Ltd, and, in a letter to customers, managing director Michael Culhane explained that  the sale is subject to Central Bank of Ireland's acceptance of change in regulatory authorisations.

"Arachas is one of Ireland's largest and most successful independent brokerage firms, and this deal marks a very significant point in our 63 year history that will  bring great benefits for us and our clients," the letter says.

Mr Culhane explains that the sale will bring the total workforce for Arachas to 250 with offices in Dubin, Cork, Waterford, Galway and now Kildare.

He assure customers that "our brokerage management team and our will remain in place". He also says that services levels and contacts.

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Murray and Spellman was established in 1956 and employs 50 people in offices in Galway and Naas. Its chairman is former Kildare TD, Minister for Finance and EU Commissioner Charlie McCreevy. Other directors include Joseph Wynne and Mr Culhane.