PARIS BAKERY FACES WINDING UP ORDER - The popular Paris Bakery on Dublin’s Moore Street faces a winding up order in the High Court today in a dispute with the business’s former accountants, The Irish Times reports.
BMOL Partners, of Herbert Street, Dublin, initiated the petition to have the company wound up after serving it with a bill for €43,000 in fees.
However, Ruth Savill, one of the two directors of Paris Bakery and Pastry, says the company disputes the bill and will be making its case to the court.
Angus Donoghue, a partner with BMOL, said he did not want to discuss the case and that the partner directly involved was not available.
The bakery and restaurant has grown steadily in size over the past three years and now employs 70 people, Ms Savill said. It started out as a small business at the front of number 18 Moore Street, the Dublin Street famous for its fruit, vegetable and fish stalls.
WORK BEGINS ON TULLAMORE DEW SITE - Work has begun on a €35m distillery to bring one of the world's best-selling whiskeys back to its roots, The Irish Independent reports.
Tullamore Dew production will return to a pot still and malt distillery on a 58- acre site near Clonminch, Co Offaly for the first time since 1954. Up to 200 jobs will be created during construction of the plant which will be big enough to produce 1.84 million litres or 1.5 million cases of whiskey a year.
Simon Coveney, Minister for Agriculture, turned the sod on the new plant yesterday. Twenty-five people will be employed at the distillery.
The investment is being made by Tullamore Dew's parent company, William Grant & Sons, as the brand has almost doubled its worldwide sales to 850,000 cases since 2005.
The distillery will open in autumn next year with two warehouses to hold 55,000 casks of whiskey and 14km of piping to bring water into the distillery.
William Grant & Sons, an independent, family-owned Scottish company, employs more than 90 people in Ireland – in Tullamore, Clonmel and Dublin.
QUINN’S PROPERTY INVESTMENT WOES CONTINUE - Former Ireland international Niall Quinn’s property investment woes continued last year with accumulated losses at his property firm climbing by €844,000 to €5.3m, The Irish Examiner reports.
New accounts filed by Quinn’s Manorfield Taverns Ltd show that it sustained the loss after it wrote down the value of its Co Carlow property by €700,000 to €800,000.
Quinn owns a 50% share in the firm with Dublin developer Cosmo Flood, and the retired soccer player is on the hook for a €2m share of the €4.1m personal guarantee provided to AIB on loans.
The guarantee and mortgage debenture with AIB relates to an unfinished apartment block site at Bagnalstown, Co Carlow. The 15 one-and-two apartment block overlooks the River Barrow in Bagnalstown while Manorfield Taverns Ltd is also a holding company for an adjoining pub.
Quinn, who enjoyed a personal windfall from the sale of Sunderland FC, pointed out that Manorfield Taverns Ltd is a non-trading company and the loss arises from an accountancy exercise.
The accounts show that the firm has a bank loan of €4.5m while Quinn has provided a loan of an additional €1.2m.
BRITAIN SECURES SHORT-SELLING VICTORY - Britain has secured a third breakthrough in as many days in its campaign to check perceived over-reach from Brussels, as a senior adviser to Europe’s highest court recommended clipping the powers of an EU market watchdog on short selling, says The Financial Times.
In the closing stages of a turf war in Brussels triggered by the 2007-8 financial crisis, the UK has advanced on three contentious issues this week: the financial transaction tax, regulation of Libor and the power of EU agencies.
While the gains are far from booked, the developments will be welcomed in the UK Treasury that has at times struggled to shape Brussels policy proposals or build diplomatic coalitions – notably over the bonus cap for bankers agreed last spring.
The move on short selling came a day after it emerged that Brussels was preparing to ditch its proposal to hand direct oversight of the scandal-hit Libor lending rate to the Paris-based Esma.
This had caused considerable political irritation for George Osborne, the UK chancellor.
Meanwhile, on Tuesday, it emerged that the main legal advisers to EU finance ministers had concluded that the European Commission’s plan for a financial transaction tax – vehemently opposed by Britain – infringed EU treaties.