ALCHEMY EYES NOONAN SERVICES SALE FOR UP TO €200m - Noonan Services, the facilities management and contract cleaning group, is being prepared for potential sale by its UK private equity owner Alchemy Partners, with a transaction likely to be worth as much as €200 million.
The London-based firm, which acquired Noonan Services in 2008 for €90 million, is likely to move to sell the business next year, according to sources. While one source indicated that US financial services firm Baird may advise Alchemy on the matter, it is understood that no appointment has been made, writes the Irish Times. Alchemy, which specialises, according to its own website, in investing in distressed and undervalued companies in Europe, bought a majority stake in Noonan Services from the company’s founder, Limerick native Noel Noonan and six other members of his family, eight years ago. Management in the business, including group chief executive John O’Donoghue, chief financial officer Declan Doyle and corporate development director Fintan Connolly, also own shares in the business. Spokesmen for Noonan Services and Alchemy Partners declined to comment. Representatives for Baird didn’t respond to a request for comment. Established in 1977, the company had an annual turnover of more than €100 million and some 5,500 staff at the time of the 2008 deal. The company’s latest annual report shows that revenues surged almost 50% last year to €303.9 million, boosted by new contracts and a series of acquisitions.
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BIG SLICE OF DUBLIN'S TRENDIEST NEIGHBOURHOOD HITS MARKET - A swathe of prime properties located just off Dublin's Grafton Street acquired by developer Bernard McNamara during the boom have gone on the market with a guide price of excess €27m.
Consisting of 18 commercial units and 12 retail units, the 'Madrid' portfolio is being offered for sale in one to three lots by agents Knight Frank, on the instruction of real estate advisors Duff & Phelps and Nama. Mr McNamara purchased the properties, which are dispersed across South William Street, Chatham Row, Coppinger Row, Clarendon Street and Balfe Street, with a view to creating a new retail and residential quarter to the west of Grafton Street. The onset of the financial crisis in 2007 however, effectively holed his ambitious plans below the waterline. Knight Frank are marketing the portfolio as offering "investors a unique opportunity to acquire a footprint in one of Dublin's most sought after areas with potential for active management and future development to drive value". Briefly, the properties are being sold in three lots, with the third lot consisting of the portfolio in its entirety.
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NANDO'S EYES IRISH EXPANSION AS EARNINGS INCREASE - International casual dining chain Nando's is looking to expand further in Ireland after serving up tasty profits last year.
Newly filed accounts for Chickenland Ireland Ltd - the Irish franchisee for the international brand - show that pre-tax profits more than trebled to €3.8m in the 12 months to the end of February. Revenues for the year jumped by 27% to €21m. In the accounts, the directors of the Irish arm of the business said they are looking for potential sites to open more Nando’s restaurants in the Republic, says the Irish Examiner. Chickenland Ireland has opened 11 Nando’s outlets in Ireland in the past eight years and will continue to look for more sites. "To drive profitability and market share, the company will continue to focus on existing locations and develop opportunities for like-for-like growth," they said. The company also said in its accounts that it employs 'mystery shoppers' to keep staff on their toes. Numbers employed by the firm last year increased from 283 to 357 with staff costs increasing from €5.2m to €6.9m.
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GCHQ PLANS 'GREAT BRITISH FIREWALL' TO BLOCK HACKERS - Ambitious new plans are being drawn up by GCHQ to create a "Great British Firewall" to block malicious websites countrywide and combat a doubling of serious cyber attacks threatening national security over the past year.
Though still in its infancy, the scheme is intended to be a flagship project for the new National Cyber Security Centre - a public-facing arm of GCHQ which will open next month to better co-ordinate the UK’s digital defence efforts. The NCSC plan envisions private-sector internet service providers, such as BT, Sky or Virgin Media, voluntarily complying with its proposals, circumventing any need for legislation, writes the Financial Times. Consumers will be able to opt out of the censorship should they wish in order to allay concerns over civil liberties. Malicious websites which automatically infect visitors’ computers with malware - often disguised as legitimate domains - are one of the most common methods of cyber attack. They are widely used by states such as China, Iran or Russia in efforts to penetrate sensitive government networks, steal commercial information or compromise national infrastructure. They are also a common means for cyber criminals to target individuals.
