Dermot Desmond

Dermot Desmond: Career Highlights

Dermot Desmond's career is marked by a series of successful business ventures. He started his career at Citibank in Dublin and later worked at Price Waterhouse in Kabul, Afghanistan. In 1981, he founded National City Brokers (NCB) in Dublin, which he later sold to Ulster Bank for £39 million in 1994. Desmond also served as the chairman of the board of Aer Rianta from 1990 to 1991.

In 1995, he established International Investment & Underwriting (IIU), a private equity firm that serves as his primary investment vehicle. Through IIU, Desmond has made numerous successful investments, including backing a consortium that purchased Baltimore Technologies for £300,000 in 1996. He also purchased the luxurious five-star Barbados resort Sandy Lane Hotel in 1997 with business partners John Magnier and J.P. McManus.

Desmond's business acumen extends to various industries. He purchased London City Airport from Mowlem for £23.5 million in 1995 and sold it for £750 million in 2006. He founded BETDAQ, a betting exchange operator, in 2000 and sold it to Ladbrokes for €30 million in 2013 before buying it back in 2021. Desmond was also a major shareholder in the Irish food company Greencore and held significant stakes in companies like Rietumu Banka and Mountain Province Diamonds.