Derek Quinlan, the former property magnate who once amassed €3.5 billion in property debts to the Irish taxpayers, has expressed his frustrations over the National Asset Management Agency’s refusal to make a deal that would have enabled him to leave the country’s struggling bank prior to going bankrupt. The former Revenue Chairman, Frank Daly, who was in charge of the agency during Quinlan’s predicament, was unsatisfied with the situation.
In other news, EY, one of Ireland’s largest accounting firms, saw its revenues in the Irish market increase by 9.5% to reach €772 million at the end of June 2024. The firm’s managing partner, Frank O’Keeffe, in a discussion with Ciarán Hancock, revealed projected expansion plans involving double-digit revenue growth with an objective to achieve €1 billion in annual earnings by 2027.
Another financial institution, the Permanent TSB, has announced plans to re-evaluate its strategic approach to cost cutting, aiming to safeguard and boost its profitability in the face of faster than anticipated falling interest rates. This news did not resonate well with its investors, as reported by Joe Brennan.
On the other hand, Revolut has begun to scale back the interest rates extended to its clients, after it launched saving products in Ireland last May catering to disgruntled savers. This decision follows the most recent decrease in interest rates by the European Central Bank – a story brought to light by Ciara O’Brien.
Internationally, Chinese fashion entity, Icicle, has seen its turnover surge by 9% in the previous year, amounting to €292 million. This growth was facilitated by its main holding company, which is based on Irish lands, as Colm Keena reports.
In the beer industry, Patrick McMahon, the former CEO of C&C, who left the company following accounting discrepancies during his tenure as the financial head, is set to receive a compensation of €1.3 million. This move has sparked anger amongst shareholders, as revealed by Ian Curran.
In 2022, TDL Media, under the auspices of Mickey O’Rourke, documented pretax profits amounting to €18.66 million, subsequent to the transaction of its Premier Sports UK division to Swedish corporation, Viaplay. The report was penned by Gordon Deegan and also revealed TDL reacquiring Premier Sports UK later within the same year.
Elsewhere, Kepak, an Irish meat-processing consortium, initiated its foray into the realm of chilled sandwiches and frozen snacks by procuring UK-based group, Summit Foods. Writer Colin Gleeson further informed that the business deal which involved the €29m revenue-generating firm from Preston, would foster Kepak’s presence in the convenience food sector.
According to Joan Henry from Knight Franks’ Commercial Property, the appetite for sustainable, amenity-rich buildings among tenants has seen a significant uptick over past years and surged in 2024, emphasizing environmental consciousness’ vitality.
Fiona Reddan explored potential shifts in the urban living paradigm as a Grafton Street property owner applies to repurpose the upper section of two conjoined premises, from a commercial to a residential arrangement, thus providing room for additional apartments.
In property investment news, a former executive at Jones Engineering, Jim Curley, via his family’s investment enterprise, secured the historic edifice that was once the Ulster Bank on Lower Baggot Street. It’s believed the final sale price slightly exceeded the €2.25 million estimate.
On a sorrowful note, fellow journalists and members of the law fraternity paid respect to award-winning journalist and barrister, Peter Hamilton, who tragically passed away at home during a bank holiday at the age of 31. Attorney General, Rossa Fanning, notably referred to him as an up-and-coming star at the Law Library.