Category: News

Five Irish Shopping Centres sold for €175million

Posted on | by Aisling Rafferty

The record for the biggest sale of retail space in Ireland has been set at €175 million, after the sale of five retail parks. Investment firm Davidson Kemper have bought 1.1 million sq ft across five different counties. Estate agents Savills who handled the sale said that there was domestic and international interest.

The five properties were:

Nutgrove Retail Park - Image via Irish Times

Nutgrove Retail Park – Image via The Irish Times.

Tullamore Retail park

Tullamore Retail Park, Offaly – Image via The Irish Times

deerpark

Deerpark Retail Park, Killarney, Kerry – Image via The Irish Times

sligo

Sligo Retail Park – Image via The Independent

 

letterkenny

Letterkenny Retail Park Donegal – Image via The Irish Times

Source: http://businessetc.thejournal.ie/retail-record-sale-2451207-Nov2015/

Urban Outfitters buy Italian restaurant chain

Posted on | by Aisling Rafferty

Urban Outfitters, best known for their clothing and homewares have bought an Italian restaurant chain. The retailer also known as UO, have made a bold move in diversifying their portfolio by purchasing the Vetri Family group of restaurants.

UO, which is based in Philadelphia has 2 Irish stores in Dundrum Town Centre and Temple Bar, Dublin 2. The price has not been released, but the sale was confirmed yesterday. Certain UO stores already have an in-store food offering with cafes, but the acquisition of a restaurant chain is an unusual move for the fashioned focussed retailer.

It is believed that Urban Outfitters will help expand the restaurants to a wider audience while the Vetri family focuses on the food.

Source: http://www.irishtimes.com/business/retail-and-services/urban-outfitters-buys-italian-restaurant-chain-1.2432208

130 Jobs saved at Best Menswear

Posted on | by Aisling Rafferty

Best Menswear will exit examinership on Friday, November 13th. 130 retail jobs have been saved after the approval of the examiners scheme in court. Best fell into examinership in July of this year as part of the fallout from the Clerys closure. Best are one of many concessions who are owed money by OCS Operations Ltd which ran the department store. The figure is approximated of being between €1.5 – €2million.

Best said that the closure of their Clerys concession placed an enormous strain on company cash flow. Almost all Best Menswear stores will continue to trade and no indications have been given about store closures. Best have stores in pinnacle retail centres including Dundrum Town Centre, Liffey Valley, Blanchardstown and Swords.

MD of Best, David Jones said ‘We are delighted to be set to successfully exit examinership on Friday. The process has facilitated Best Menswear reaching agreements with our creditors and, together with the adoption of a range of cost control measures, we now look forward to a bright future’.

Selfridges have bought Arnotts department store

Posted on | by Aisling Rafferty

UK Group Selfridges have acquired Arnotts department store for an undisclosed fee. Founded in 1843, the iconic retail store that resides on Henry Street North Dublin, is now under the ownership of Canadian businessman Galen Weston and his wife Hilary.

Arnotts is Ireland’s largest department store and its sale has been under intense speculation for a number of months. Weston also boasts Brown Thomas amongst his retail portfolio, as well as a number of International department stores.

The sale is part of a wider agreement which saw an agreement Fitzwilliam Finance Partners between and Wittington Canada. The former was set up in 2011 by Irish lawyer and developer Noel Smyth, whose intention was to acquire the debts associated with Arnotts debt. Wittington Canada is the holding company for the Weston group. The purchase of these loans by Wittington Canada from Fitzwilliam Finance Partners was cleared by the Competition and Consumer Protection Commission in August, clearing the way for the acquisition.

Arnotts chief executive Ray Hernan will step down as chief executive to “pursue new opportunities” with Selfridges appointing Donald McDonald as managing director of the business. Mr Weston said of the sale “Our family has been a significant investor in Irish retailing and the wider economy since we acquired Brown Thomas in 1971.”

 

Rounding to begin in Ireland on October 28th

Posted on | by Aisling Rafferty

Rounding will be rolled out across Ireland on Wednesday October 28th. In a measure to curtail the circulation on 1c and 2c coins, change on cash transactions will be rounded up or down to the nearest five cents. 1c and 2c will remain legal tender however, and rounding only applies to change on a final till amount.

  • An example:
    • If the change amount is 67c, then round the amount down to 65c.
    • If it is 68c, round it up to 70c.

Countries that use rounding include Denmark, Finland, Hungary, Norway and Sweden. Rounding was trialled in Wexford in 2013 and found 100% and 83% of merchants and consumers respectively favoured the measure. Rounding is being introduced to reduce the needs of producing 1c and 2c coins, often a hindrance to consumers, with the majority of those issued not actually in circulation. Furthermore, the cost of production actual exceeds the coins true value (1.7cent to produce a 1cent coin)

For more info visit www.betterallround.ie

Topaz has bought Esso

Posted on | by Aisling Rafferty

Service station Topaz have had their takeover bid for Esso approved by the Competition and Consumer Protection Commission. Topaz, which is owned by contentious businessman Denis O’Brien, will own a total of 30% of the Irish fuel market. It is believed the deal will be worth it the region of €70 million.

Esso currently own 38 service stations across the country, 35 which will be acquired by Topaz. 3 service stations will be scrapped, a stipulated that was addressed in the takeover conditions. The deal will see Topaz employ over 2,000 people across the country. They’re expected turnover will be in the region of €3.5 billion.

Just last week, an announcement was made by Topaz that will see the introduction of 40 Eddie Rocket stores in a number of service stations, further diversifying their product offering and capitalising on all aspects of the market.

New hotel planned for Dublin docklands

Posted on | by Aisling Rafferty

Planning permission is being sought for a 150 bedroom hotel that will reside at a former warehouse on North Wall Quay. Leading property developer Paddy McKillen recently acquired the property from NAMA.

The conversion would mean the warehouse would be transformed into a top class hotel. The warehouse was sold to Qakmount, a company closely linked to McKillen for €5million. The initial asking price of €3.9 million by real estate agents Bannons had risen due to competition from Irish and oversea developers.

Planning permission suggest the warehouse will be converted into a 7 floor 150 bed hotel, costing €10 million to add additional floors to the current 3 floor building. McKillen is a key player amongst Irish hoteliers and his organisation also have ownership of The Dean Hotel on Harcourt Street.

Source: http://www.irishtimes.com/business/commercial-property/paddy-mckillen-plans-new-hotel-for-dublin-docklands-1.2390028

Image: www.dublindocklands.ie

Cork’s Clarion Hotel sells for €35.1 million

Posted on | by Aisling Rafferty

The Clarion Hotel on Cork’s waterfront has sold for €35.1 million. Dalata Hotel Group have further extended their Irish portfolio, however the property will continue to be operated by Choice Hotels under the recognised Clarion brand. Dalata most recently acquired nine Bewley’s Hotel last in a €455 million takeover and operate more than 40 Hotels across Ireland.

Located on Lapps Quay, the Four Star, 191 bedroom Hotel was sold jointly by Savills and JLL. It is the biggest Hotel sale in Cork history with it being described as ‘record breaking’ by Tom Barett an agent from Savills. “The investment sale of the Clarion Hotel Cork attracted a strong level of both domestic and international buyer interest, resulting in highly competitive bidding and in the end a sale price well above our excess €30m guide price,” he said.

The Clarion Hotel which houses the Kudos Bar, a health spa and seven meeting rooms with the tenants of the building unaffected by the sale.

Record tourist numbers have created 5,000 new jobs

Posted on | by Aisling Rafferty

5,000 seasonal jobs have been created as a result of high tourist numbers flocking to Ireland. The report by Vinters Federation Ireland (VFI) was conducted across 120 pubs, many which are located in ‘traditional tourist areas’. In total, an additional 4.8 members of staff were employed across 2,500 pubs, an average of 12,000 seasonal jobs. Furthermore, an additional two members of staff per pub are being employed this year, resulting in an additional 5,000 jobs so far this year.

Padraig Cribben, Chief Executive of the VFI, said the news is “Real proof that the tourism trade is well and truly back and highlights its importance to local economies. From Jan – May 2015, tourism in Ireland grew by approx. 12%.

Source: http://www.fft.ie/record-tourist-numbers-create-5k-new-pub-jobs/9283

Eddie Rockets is opening in Petrol Stations around Ireland

Posted on | by Aisling Rafferty

Petrol. The Paper. The Jalopeno Popper Burger. A combination that is to become very easy with the announcement from Eddie Rockets that they will open in forecourts around the country. The popular burger joint that has established themselves as a revered favourite across Ireland will open in 40% of Topaz Stores.

Dublin Port and Brennanstown in Co. Wicklow will see the franchise in store by the end of the year and a further 15 locations are planned for 2016. An extensive menu will be available and all food will be made on site. Topaz have announced the upgrade will cost in the region of €11.4 million.

Source: http://www.thejournal.ie/eddie-rockets-topaz-2-2373993-Oct2015/