LONE STAR TO CHECK OUT OF JURYS INN HOTEL CHAIN - The Jurys Inn hotel chain has been put up for sale by its owner, US private-equity group Lone Star, along with a number of Hilton hotels.
The portfolio is believed to be worth about £1 billion (€1.15 billion) with Credit Suisse and Eastdil Secured hired to advise on options for the 36 Jurys Inns and six Hilton hotels. The properties are run by Amaris Hospitality, which is led by Irishman John Brennan and manages 89 hotels, says the Irish Times. The sale will affect six hotels in Ireland - Jurys Inns at Christchurch and Parnell Street in Dublin, and properties in Cork, Galway and Belfast. It also includes the Hilton Garden Inn at Customs Quay in Dublin, which was previously a Jurys Inn. Lone Star bought Jurys Inn for €900 million in 2015, and sold some hotels, rebranded others and completed a £100 million investment programme. A further £30 million investment has just started. Lone Star acquired the chain of 31 hotels from a group of investors: the Oman Investment Fund, Mount Kellett Capital Management, Ulster Bank, Westmont Hospitality Group and Avestus Capital Partners.
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NEW ERA DAWNS FOR IRISH MEAT FIRM - The boss of Dawn Meats said its move to take a majority stake in Northern Ireland firm Dunbia underpinned its competitiveness in the post-Brexit era.
Waterford-based Dawn Meats ended months of speculation of a potential link up between the two major meat processors as it confirmed the joint venture with the Dungannon-headquartered firm, says the Irish Independent. The scale of the businesses means it will be examined by the competition authorities, as they will now process around 900,000 cattle and 2.6 million sheep each year. Dawn Meat's chief executive Niall Browne said this move would bring more opportunities for staff, customers and suppliers. "Given the uncertainty posed by Brexit, this partnership should further underpin the competitiveness of both operations to the benefit of all stakeholders in the UK, Ireland and across Europe," said Mr Browne. The second-largest beef processor in Ireland behind Larry Goodman's ABP will buy outright Dunbia's operations south of the Border. This means it will operate nine facilities, including Dunbia's abattoir in Slane and a boning hall in Kilbeggan. Jim Dobson, chief executive of Dunbia, who will be the head of the new Dunbia Joint Venture, said in a "consolidating industry" the deal makes strategic sense, with 15 facilities across the North, Scotland, England and Wales.
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DIAGEO SECURES GO-AHEAD OF ITS WHISKEY DISTILLERY - Diageo has secured the go-ahead for its €25m plan to construct a new distillery at its St James's Gate base in Dublin for its new premium blended Irish whiskey, Roe & Co.
The maker of Guinness has also received planning permission for a visitor experience at the new facility at the former Guinness Power House on Thomas Street, says the Irish Examiner. Diageo said that the visitor experience will celebrate the Roe & Co whiskey brand and the revival of craft brewing in Dublin. It aims to attract 50,000 visitors a year. Production on the site is expected to begin in the first half of 2019. That means the first whiskey distilled at the site won't be available for sale until 2022. The new Diageo whiskey is named in honour whiskey maker George Roe, who is credited with helping to usher in the golden era of Irish whiskey in the 19th century. Mr Roe's distillery extended over 17 acres on Thomas Street and was once Ireland's largest distillery. The new distillery will have the capacity to produce 500,000 litres each year. The whiskey product is to be matured and bottled off site.
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BANK OF ENGLAND TRANSPARENCY CULTURE STIRS UP YOGHURT QUESTIONS FOR CARNEY - With its windowless walls and iron doors, the Bank of England was built in previous centuries to protect the public’s gold from intruders and its internal activities from prying eyes.
But such has been the revolution at the central bank under Mark Carney, the Canadian who has been governor since 2013, that the Bank of England's new commitment to transparency extends to publishing details of his expenses - right down to his choice of snacks. Last month the Bank released all of the governor’s expenses on his credit cards for 2015, including the purchase of two yoghurts in a Heathrow airport lounge in January 2015 (£7.90). Having released this detail, BoE staff were also willing to answer questions under freedom of information rules and seemed to enjoy the experience, batting away questions with a dry wit. "Who did Mr Carney buy Greek yoghurt for at the VIP lounge at Heathrow on January 21, 2015 - or were the two portions for him? Where was Mr Carney travelling to?" were among the questions asked in the past month. The BoE’s response: "The governor was travelling to the World Economic Forum in Davos (see published diary). There is no recorded information held by the Bank in relation to the yoghurts."
