BUSINESS NEWS
Innowatts, Antylia Scientific and PPD are among a number of overseas companies to have announced job creating investments. IWG has opened a large flexible office space in Cork, as Bank of Ireland has committed to a hybrid working model. DAA has reported a record annual loss for 2020 JOBLESS RATE
The unemployment rate in April was 22.4%, according to the CSO. A total of 556,300 people were either on the Live Register or were benefiting from the Pandemic Unemployment Payment, down from 617,440 in March 2021. Among PUP recipients, 95,500 were under 25 years of age and 289,900 were aged over 25.
NEW HOMES
Dwelling completions declined 20.1% to 3,950 through Q1 2021. Apartment completions fell by 26.9% to 737, while the number of scheme dwellings completed fell by 21.0% to 2,840.
GROWTH LOANS
The Ireland Strategic Investment Fund has committed up to €25m in taxpayer funding to a fund run by Beach Point Capital, which will lend to growth companies unable to raise finance from banks or alternative lenders. BCP says that loans will range from €2m and €5m.
HYBRID WORKING
Bank of Ireland says its new hybrid working model will allow staff to work from a combination of home and central office locations, with the bank linking up with 11 remote working hubs by the end of 2021.
CUSTOMS GRANT
The Ready for Customs grant scheme has been extended to August 31. The grant, administered by Enterprise Ireland, provides up to €9,000 for each new employee hired into a customs role.
AIRPORT LOSSES
DAA, which operates Dublin and Cork airports, recorded a loss of €284m in 2020. Passenger numbers at the two airports fell by 78% and turnover declined by 69% to €291m. In the first three months of 2021, passenger numbers were down 92% year-on-year.
FDI JOBS
Texas business Innowatts is planning to create c.40 new jobs at its new Europe base in Cork.
Antylia Scientific is to create c.60 roles with the establishment of a bioprocessing facility in Mullingar.
Pharma research specialist PPD is to add 180 science and tech jobs as part of its Athlone laboratory by mid-2022.
Simply NUC, a systems integrator specialising in mini PCs, will add 30 new roles over the next two years at its factory in Dunleer.
Renovo Motors, which develops automotive data management software, is setting up its EMEA base in Shannon, promising 30 jobs.
IT asset management company Oomnitza is establishing its EU base in Galway and will create 20 jobs over three years.
TrustLabs, a blockchain fintech company, is establishing its EU base in Dundalk and says it will create 20 jobs over the next two years.
Validation and monitoring business Ellab is expanding in Cork, with the addition of 20 new positions.
Logic Manager, which develops risk management software, has established its EMEA base in Dublin and plans to create c.30 jobs.
Neuroons, a data intelligence business, is establishing its headquarters in Dublin and will create 20 jobs.
Terawe is establishing its European headquarters in Ireland and plans to employ 20 people.
Canadian drinks e-commerce platform Blacksquare has established its EMEA base in Dublin and expects to employ 20 people.
POSTAL CHARGES
An Post has raised the price of a standard national letter stamp to €1.10, while the cost of a standard international stamp has increased to €2. Discounts of 34% on parcels postage and 5% on letter post for SMEs will continue until the end of the year.
CORK OFFICES
International Workplace Group has opened a new ‘Spaces’ flexible office space at the Horgan’s Quay development in Cork. It has 38,000 sq. ft. of office space across three floors, with capacity for up to 450 people.
US DEAL
Cork ingredients and cheese producer Carbery Group has acquired savoury flavour and ingredient supplier Innova Flavors, which has manufacturing facilities in the Chicago area.
MAPLES AVIATION
Maples Group has launched a new Irish asset finance practice in Singapore to support aviation clients. Led by James Kinsley, the new practice will advise on aviation finance transactions
across the laws of Ireland, the Cayman Islands and the British Virgin Islands.
SECURITY PAY
An Employment Regulation Order will raise minimum pay for security workers to €12.05 per hour from September. A further increase to €12.50 per hour takes effect in June 2022 and will become €12.90 per hour from June 2023.
JOBS PORTAL
The Western Development Commission has launched Westernjobs.ie, an online jobs portal aimed at attracting professionals to the west of Ireland. The WDC says that one in three large employers in the region can’t find the staff they require.
HEALTH INSURANCE
The number of people with private health insurance grew by 36,000 in 2020 and now stands at c.2.3m, the highest number since 2008. Private health cover bottomed out at 2m in 2014.
LINKED MILESTONE
Peer-to-peer lender Linked Finance has issued €150m in loans to Irish SMEs since launching in 2013. The milestone was passed recently as the company issued €9.6m in loans in the first quarter. The company says it has provided over 2,700 loans to businesses.
M&A DEALS
ACRE, backed by private equity firm Triton Partners, has acquired Time Data Security, a provider of smart workplace products including visitor management, life safety and access control software solutions. Owned by CEO Frank Hart and director Sean Murphy, TDS had turnover of €18.1m in 2019 and reported an operating profit of €2.1m.
Barrow Active, led by former DCC executive Morgan McElligott, has acquired Inpute
Technologies, founded in 2000 by Aidan Bailey. Inpute specialises in process automation software and operates from Dublin, London and Wroclaw. Turnover was c.€3m in the year to April 2020.
Tycoon John Malone’s MHL Hotel Collection has added to its portfolio with the purchase of the Moxy Hotel in Dublin city centre. The Moxy commenced trading in November 2019 and has 157 bedrooms.
Action24, owned by the Mooney family and funded by BGF, has acquired Integral Security, whose clients include the Irish Aviation Authority, Café Sol and Powercity.
Infobip Group from Croatia has acquired Anam Technologies, led by Darragh Kelly, which was established in 2012. Anam specialises in SMS infrastructure for mobile operators and booked a profit of €600,000 in 2019, reducing accumulated losses to €6.8m.
WESTCARE JOBS
Westcare Homecare is adding 70 new jobs in Roscommon and Tuam, with the opening of two new offices that support the delivery of care to elderly people within the home setting and local community. Westcare co-founder Sharon Carter said the company offers flexible and rewarding employment opportunities for healthcare staff.
TOILET TISSUE
Zeus Packaging has announced expansion plans for Aldar Tissue, purchased in 2019, with a new production facility in Rathcoole. The company says that €5m investment in automated production lines will quadruple capacity. Currently 80% of toilet tissue is imported.
WIND FINANCE
Bank of Ireland and the European Investment Bank are financing in a €100m wind farm project by Bord na Móna at Cloncreen in Co. Offaly. The 75MW project will involve 100 jobs during the construction phase and is expected to start supplying power next year.