The Mandate trade union has criticised retailer Arnotts over what it called 'a total lack of consultation' on the news that Boundary Capital and Anglo Irish Bank are set to purchase a substantial stake in the company from the Nesbitt family.
It emerged yesterday that the listed investment company and the bank are to buy 45% of Art Holdings, a holding company that will acquire 100% of Arnotts, for €65m.
Linda Tanham, National Official with Mandate, said the retail union had not been 'told, consulted or even advised of this significant development, the import of which could very well have implications for over 800 staff we represent at the company.'
She said the union is also concerned that Arnotts has not engaged meaningfully on the long-term strategy of Arnotts and its redevelopment plan of the land it owns in the north inner city.
The group has €750m plans to develop this as a 1.65 million square foot mixed development known as the 'Northern Quarter'.
