SIX OFFERS IN FOR MORAN AND BEWLEY'S HOTEL GROUP - Six offers have been received for the Moran and Bewley's Hotel Group, run by Limerick businessman Tom Moran and his family. All bids are above €400 million, a price that obliged its board to undertake a sales process under the terms of a restructuring agreement with its lenders late last year, writes the Irish Times. It is understood that Dalata Hotel Group, a publicly quoted Irish company led by Pat McCann, is one of the bidders for the Moran and Bewley's chain. Others are thought to include Goldman Sachs, private equity group Blackstone (which owns the Burlington in Dublin and Hilton brand), Westmont Hospitality Group in north America, London and Regional (which owns the Four Seasons in Dublin), and Starwood, a global hotel operator whose brands include Westin and Sheraton. Dalata is the biggest hotel operator in Ireland with a 9.4% share of the market while Moran and Bewley's has 2.9%. It raised €256 million earlier this year through a stock-market flotation.
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SOMETHING'S BREWING IN THE RDS AS CITY HOSTS FIRST TEA AND COFFEE FESTIVAL - The first-ever Dublin Coffee and Tea Festival begins in the RDS today after the scene has exploded in popularity in recent years, according to Patrick Bewley, of the Bewley's group. "In coffee we're seeing around a 10% increase in volume year on year in the last three or four years…it's been going on for more than the last five years. If I go back 20 years, you went to America and you saw people walking around with large coffees-to-go in their hands, and you thought that'd never come to Ireland. But it's here now ... people need to have a cup of coffee before they start work or at work. That has been a transformation." According to Retail Excellence Ireland, hot beverage sales in the second quarter of 2014 are up almost 8% on 2013, says the Irish Independent. Euromonitor figures reveal 3,992 tonnes of coffee were sold here last year, an increase on retail volume sales in 2012. Coffee retail volume sales are expected to reach €71.7m next year. "It's no secret that the Irish consumer has developed an ever-more discerning taste for coffee in recent years with the retail market growing exponentially in the last decade," says Damian Marshall, event manager of the Speciality Coffee Association of Europe's Irish Chapter, who are partly running the festival.
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PROFITS BOOST FOR UNIVERSAL MUSIC IRELAND - The Irish arm of record giant Universal Music enjoyed a tenfold increase in profits last year as the acquisition of part of fellow recording company EMI helped it to higher revenues, reports the Irish Examiner. Albeit from a relatively low base, Universal Music Ireland grew its profits significantly in the year, from €191,716 to €1.82m. This upturn in performance was aided by UMI's acquisition of the music arm of EMI Ireland, as part of a larger group takeover, which received regulatory approval from the EU in September 2012 and was completed in 2013. The deal made Universal, which boasts the like of Elton John, Kanye West, and The Beatles among its extensive library, the world's largest major record label. Despite the improved performance of its Irish business last year, the market in which it operates remained volatile in 2013, according to documents filed to the Companies Registration Office. "External risks for the company include the economic downturn and its impact on the Irish music market and challenges to the market from factors such as piracy and illegal downloading," the company's annual report reads. UMI's revenues climbed to €11.9m in 2013 on the back of the EMI takeover, up from €10.6m the previous year.
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IMF WARNS OF MARKET FALLOUT FROM A SCOTTISH SPLIT - The International Monetary Fund has waded into the debate over Scottish independence, saying that a Yes vote in next week’s referendum could lead to market turbulence, writes the Financial Times. “The main immediate effect is likely to be uncertainty over the transition to potentially new and different monetary, financial and fiscal frameworks in Scotland,” William Murray, an IMF spokesman, told reporters. “While this uncertainty could lead to negative market reactions in the short term, longer-term effects would depend on the decisions being made during the transition.” His comments highlight the questions over which currency an independent Scotland would use, the regulation of its banks, and its budget position after negotiations to separate from the UK. Recent opinion polls have indicated that next Thursday’s vote will be very close. Economic officials in Washington appear to have only just woken up to the real possibility of a Yes vote - having assumed it was unlikely. They point to the risk of a financial shock and resulting uncertainty that might hurt investment on both sides of the border. “A Yes vote would raise a number of important and complicated issues that would have to be negotiated,” said Mr Murray.
