BARRETT TO SPEND €118m ON TWO NEW FIVE STAR HOTELS - Property developer and hotelier Gerry Barrett plans to spend more than €118 million on two new five-star hotels in Dublin and London that will be modelled on The G, his five-star Galway property. In an interview with The Irish Times , the Galway developer said Edward Holdings, his parent company, would spend €55 million on the Dublin hotel located on Grand Canal Dock near the south quays and a further €63.5 million (£45 million) converting the historic Bow Street police and magistrates' court near Covent Garden into a hotel with 90 bedrooms. Former inmates of Bow Street, which Mr Barrett purchased in 2005, include Oscar Wilde, Roger Casement and the Kray Twins. Mr Barrett said he was in talks with Irish designer Philip Treacy, who developed the interiors for The G, to design the Dublin and London hotels. Mr Barrett was speaking on the second anniversary of the opening of The G, in which he has invested €45 million.
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BoI LAUNCHES INVESTMENT FUND TO CASH IN ON FALTERING BANK SHARES - Bank of Ireland has launched a fund that will invest in international banks whose share prices have bombed out even though they have no exposure to the US sub-prime crisis, says the Irish Independent. The fund is likely to invest in Bank of Ireland itself, as the bank's share price is off around 50% from its peak earlier this year, while it has little or no exposure to the US sub-prime mess. Similarly, the fund may invest in AIB, although a final decision on the fund's investments has not been made. The Financial Fund is being marketed at experienced investors and it has a minimum investment of €20,000. Other investment firms, including Bloxham and Irish Life, have recently launched similar funds, which hope to capitalise on any recovery in international shares.
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REVENUE STAFF BREACHED ACCESS TO TAX FILES - Staff at the Revenue Commissioners inappropriately accessed financial files on eight separate occasions since 2000, it emerged last night writes the Irish Examiner. The Department of Finance confirmed sanctions have been taken against staff following seven investigations. An eighth case is currently being investigated. Staff employed by the Revenue Commissioners have access to thousands of files on the public's tax affairs. However, despite what the department termed the 'inappropriate accessing of information', nobody was fired. Instead, sanctions handed out by Revenue ranged from a warning letter, a reduction in pay or debarment from applying for promotion and entering promotion competitions. The Data Protection Commissioner also decided not to take any action.
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AGENT PROVACATEUR SOLD TO PRIVATE EQUITY FIRM 3i FOR £60m - The luxury lingerie brand Agent Provocateur has been snapped up by the private equity house 3i for £60m, reports the London Independent. The company's founder Joseph Corré, the son of fashion designer Vivienne Westwood, is to remain as creative director while his wife and co-founder Serena Rees will leave the business. The couple will retain a minority stake in the company which helped bring sexy underwear on to the catwalk and into the mainstream. Mr Corré said this was 'exciting time for the business'. Agent Provocateur operates from more than 30 stores in 14 countries but has ambitious plans for developing further internationally. 'We are not in Japan at the moment but that is going to be a big focus for us,' Mr Corré said, adding that the company also plans to develop further sites for the US.
