Revolut, the digital bank known for its payments services with 2.7 million users in Ireland, has announced its plan to embark on a mortgage service venture. The bank discloses that in the Q2 of 2025, it plans to roll out its initial home loans to rival the major Irish banks. This is an important step in scaling its current services, with the media stating that Revolut is in the process of recruiting a specialised team of mortgage experts to help facilitate this expansion.
In terms of commercial property activities, banks are gearing up to execute enforcement actions on various landlords of high-value commercial buildings who are financially strained. Colm Dolan from the restructuring department at Grant Thornton, an insolvency expert, reveals that banks are expected to act more forcefully in the following months. Further, several high-profile property sales are projected to settle at around 15% less than the requested price, leading to potential technical defaults on more loans. This is predicted to trigger further action from the banks.
The most remote asset of business tycoon Seán Quinn’s empire at one point, Q City in Hyderabad, India, is up for sale. Kieran Wallace and Eamonn Richardson from Interpath Advisory, appointed by the liquidators of the Irish Bank Resolution Corporation, are seeking a buyer for the property. The property, boasting two blocks and 110,000 sq m of office space, is being marketed for approximately €50 million.
The auto-enrolment pension scheme, a critical policy, due to become effective by 2024’s end, may be delayed. This possible deferral is part of a range of strategic delays aimed at allowing businesses to avoid imminent ascend in costs. This scheme, driven by the Minister for Social Protection Heather Humphreys, is intended to provide businesses with relief from potential cost increases.
According to some reports, the rollout of a new initiative is expected to be delayed until the end of 2025 due to the increasing financial burden it imposes on small businesses.
Financial accounts for Immedis, a payroll software business that was formerly a part of Terry Clune’s CluneTech, reveal a recent financial loss of €14.5 million, as reported by the Sunday Independent. Immedis was sold in a lucrative deal to the US multinational firm, UKG, in June of last year. The deal, worth a staggering €575 million, positioned Clune’s shares in Immedis at an estimated value of €350 million.
However, last week it was reported that the financial losses of the company had increased by nearly €1.6 million, bringing the total to over €14.5 million. These figures are detailed in its latest financial statements, which cover the nine month period leading up to the end of September 2023.