Denmark-based pharmaceutical company Novo Nordisk, which produces Ozempic and Wegovy for diabetes and weight loss, has halted plans to construct a factory in the western region of Dublin. The abandoned project was projected to generate roughly 1,100 jobs, according to The Sunday Times.
The pharma giant confirmed their decision to abandon the creation of a 1.58 million square foot factory at Grance Castle business park in Clondalkin via a statement given to the newspaper. In spite of this, the media outlet reported that the company will be extending its operations and workforce at the Athlone facility, which currently employs around 400 individuals. Novo Nordisk also operates a sales and marketing division in Santry, North Dublin with a 50-member team.
The company was said to have consented to a €51 million payment to South Dublin County Council for an 85-acre plot in West Dublin, situated close to Peamount Hospital and Newcastle Golf Centre, last summer. Novo Nordisk now reveals that they will not continue with the completion of this land acquisition and will revoke their planning applications.
In other news, The Sunday Times reported that the government party Fine Gael is considering a cut in inheritance tax in the 2025 budget for the first time since 2019, most likely by raising the levy at which 33 per cent tax initiates. Fine Gael made a pledge over a decade ago to gradually increase it to €500,000 from the current passing on threshold of €335,000 for property inheritance from a parent to a single child. This refocused interest on inheritance tax follows a spike in property values over the past half-decade, and coincides with the upcoming general election, which is due no later than early March following the 2025 budget.
Lastly, an in-depth analysis was published by The Business Post on Sunday, detailing the news that a London-based financial investment firm, Cheyne Capital, intends to acquire the majority equity share of Press Up. This group, launched by Paddy McKillen Jnr and Matt Ryan a decade and a half ago, encompasses various bars and restaurants. Cheyne Capital has had a sustained financial relationship with Press-Up and will continue to do so under this equity trade agreement. The UK company will also supply additional funding to the group.
Press Up, which holds establishments including Captain America’s, Elephant and Castle, Angelina’s, Stella Cinema in Rathmines, and bars like the Workman’s Club, Ashton’s and the Lucky Duck within its portfolio, had to withdraw its proposed IPO five years ago due to unstable equity markets. Following this, an attempt to achieve €50 million by offering a 45% stake in Press Up to investors also fell through.
In recent events, a majority share in the Dean Hotel Group was sold to the UK-based group, Lifestyle Hospitality Capital (LHC), and New York’s alternative investment mogul Elliott Investment Management, established by billionaire activist investor Paul Singer. This arrangement was finalised by Mr McKillen junior and Mr Ryan in April.
In another development, the Irish division of Spar is not set for sale, despite speculation suggesting such a transaction could possible. The Spar Group, a South African retail giant, which owns Spar, Londis and Mace brands via its Irish sub-company, BWG Group, had reportedly communicated about an evaluation of its European operations, including Ireland. The group’s CEO Angelo Swartz confirmed this and also mentioned that BWG’s CEO Leo Crawford would be stepping down at the close of this year.
A decade prior, The Spar Group purchased an initial 80% stake in BWG for €55 million. The remaining 20% was subsequently bought by The Spar Group from Mr Crawford and his management team for €102 million, in a performance-linked deal with the final segment exchanging hands at the end of 2020.
The Sunday Independent has confirmed through reliable sources that BWG will not be put up for sale under the broader European review.