Stuart Pearson (Ireland)

Stuart Pearson (born c.1984)[1] is an Irish convenience store worker[2] whose name was linked to a number of investment rumours in 2008. In 2009, the claims of Pearson's wealth and investment proposals were reported to have been a hoax.[2][3]

Biography

In reports published in December 2008, Pearson claimed to be 24 and from Arklow, where his family owned a Burmah petrol station.[4][5] By 1998 they moved to Carlow where he claimed to own 'The Foundry' nightclub.[5] (In fact, The Foundry is part of the Dinn Rí Hotel complex[6] owned by the McLoughlin family.[7]) Pearson claimed to have qualified as an accountant in Portlaoise around 2008.[4] He moved with his wife and two daughters to County Kilkenny,[8] where he rented a house in Goresbridge[9] and worked in a convenience store in Graiguenamanagh.[8][9] According to contemporary reports, he was attacked in a robbery on the shop in January 2008.[10][11] In May 2009, The Irish Times reported that he had separated from his wife, who claimed to have no knowledge of his business dealings; and that locals in Goresbridge were surprised by and sceptical of the reports of Pearson's extreme claim of wealth.[9] The Irish Daily Mail had expressed similar scepticism in December 2008.[12]

Purported investments

In interviews, Pearson claimed to have inherited money from relatives in 2003.[5][8][13] This was reputedly held by trustees until 2008,[8] who were claimed to have invested it in property in Ireland and Britain.[1][8][14] A trust, named Pearson Holdings and Acquisitions, was reported to have property in counties Carlow, Wicklow, Dublin, and north Kildare.[15] It reportedly paid £340m in 2004 and £600m later for retail property in London;[13] bought some units in Grafton Street, Dublin;[13] and earned €600m or €800m from an investment in New York City.[16][17]

In October 2008, Pearson was reported to have been negotiating to buy Taggart Holdings, a housebuilding firm based in Northern Ireland[16] which was in administration with debts reported at €150m.[1][8][14] In December 2008, it was reported that he might invest in Aer Lingus,[17] and subsequently that he might launch a takeover offer of up to €900m, funded from a war chest of €1.5–2b.[18] In 2009, he was reported to be planning to build a retirement village in Arklow, and to start an insurance company.[4] He was claimed to be a supporter of several charities in Carlow and Kilkenny, and in April 2009 he proposed to produce a DVD showcasing investment opportunities in the region.[19]

In May 2009, all of the claims made by Pearson were reported to be hoaxes, reputedly started to attract "attention".[3] In some reports, Pearson was described as a "Walter Mitty" character who "[did not have] two cents to his name".[3] In August 2009, Pearson was charged with trading without a licence and selling alcohol to underage people.[20]

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References
  1. O'Halloran, Barry (30 October 2008). "Interest shown in Taggart properties". The Irish Times.
  2. Parsons, Michael (15 May 2009). "'Billionaire investor' is sweet-shop owner". Irish Times. Retrieved 17 May 2009.
  3. McKittrick, David (20 May 2009). "'Sweet Shop Swizzler Claimed He Had Billions'". The Independent. Retrieved 3 August 2010.
  4. Coleman, Deborah (24 December 2008). "Arklow highflyer in Aer Lingus bid". Wicklow People. Retrieved 15 May 2009.
  5. "Arklow C.B.S.: Not all doom and gloom". Wicklow People. 21 January 2009. p. 1. Archived from the original on 16 July 2011.
  6. "Dinn Rí Entertainment Complex – profile". Retrieved 15 May 2009.
  7. "Days of town- centre parking at Plás na Saoirse numbered". The Nationalist. 27 February 2008. Retrieved 15 May 2009.
  8. Keys, Laura (29 October 2008). "Young gun investor eyes property giant". Kilkenny People. Archived from the original on 5 December 2008.
  9. Parsons, Michael (15 May 2009). "'Billionaire investor' is sweet-shop owner". The Irish Times. Retrieved 15 May 2009.
  10. "Shopkeeper attacked in terrifying robbery". Carlow People. 9 January 2008. Retrieved 15 May 2009.
  11. "'Give us €10,000... we have your wife and two daughters'". The Nationalist. 16 January 2008. Retrieved 15 May 2009.
  12. "Isaac Bickerstaffe". Irish Daily Mail. 19 December 2008. p. 17. Stuart Pearson is the reputed multi-millionaire in question, but quite how he made his fortune is hardly clear – until recently, he has been running his own convenience store in the town.
  13. Mulligan, John (25 October 2008). "Hotshot developer eyes Taggart businesses". Irish Independent.
  14. O'Halloran, Barry (7 November 2008). "Potential Taggart buyer contacts PwC". The Irish Times.
  15. "Bid for Taggart Holdings". Carlow People. 28 October 2008. Archived from the original on 16 July 2011.
  16. Mulligan, John (13 November 2008). "Pearson to bid soon for Taggart". Irish Independent.
  17. O'Halloran, Barry (18 December 2008). "Pearson Holdings emerges as possible Aer Lingus investor". The Irish Times.
  18. Mulligan, John (20 December 2008). "Pearson to battle Ryanair in outright bid for Aer Lingus". Irish Independent.
  19. Coogan, Naoise (17 April 2009). "Millionaire businessman to make DVD to attract new business". Carlow First. Galway Advertiser. Retrieved 15 May 2009.
  20. "'Aer Lingus bidder' accused of selling vodka to youths". Wicklow People. Independent News & Media. 6 August 2009. Retrieved 17 August 2020.
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