Ray Coyle has resigned as chairman and director at Largo Foods, after 35 years with the company. According to documents filed to the Companies Registration office, Coyle has stepped down from the company which owns Tayto, King, Hunky Dorys, and Perri, among other brands.
His departure follows the takeover of Largo Foods by German food group Intersnack, which has among its portfolio Hula-Hoops, KP and Skips.
Coyle sold a 25% stake in Largo Foods to Intersnack in 2015, having previously sold it a 15% stake in the business in 2007. He refrained from exercising the right to buy back 11% of his stake in 2015, but agreed to remain as director and chairman until at least 2016.
Coyle will continue to be involved in related endeavours such as Tayto Park, in Ashbourne, Co Meath. The park is now one of Ireland’s major visitor attractions, ranking sixth among paid attractions in 2015 by Fáilte Ireland. It is home to Europe’s largest wooden rollercoaster and is opening a major water ride in 2017.
Coyle, who began his career as a potato farmer in Meath, famously raffled off his remaining farm in 1982 in order to pay off bank debts. With the money remaining, he founded Largo Foods and soon began expanding.
Coyle is also an investor in Everseen, a Cork firm which helps prevent POS fraud, theft and irregularities.
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