Equity release group Seniors Money eyes return to mortgage market
The Irish Times reports that the Irish-based management team of boom-time "reverse mortgage" provider Seniors Money has bought full control of its Irish and Spanish units from majority backer Quadrant Private Equity and private New Zealand investors. As property prices soar once again, the company is seeking finance to re-enter the market with its signature product: equity-release home loans to elderly people whose debts are later repaid from their estates after they die. Seniors Money’s products were popularised in the property boom by television ads featuring the late actor Mick Lally, who played Miley in Glenroe. The lender has a loan book in the Irish market of close to €250 million, but it stopped writing new business in recent years due to a lack of funds to lend.
Tedcastle sold to Irving Oil as forecourts sector set for shake-up
The Irish Independent reports that Canadian multinational Irving Oil has agreed to buy the company behind Top Oil. The Reihill family is selling the business, known as the Tedcastle Group, for an undisclosed sum. However, it's understood to be well in excess of €100m. Top Oil has a petrol station business, an aviation fuel business, and is also a supplier of home heating oil. The deal is still subject to regulatory approval from the Competition and Consumer Protection Commission. Tedcastle Holdings deputy chairman Raymond Reihill said it was "a very significant day for the extended family and our business in Ireland".
Beacon Hospital posts €6.1m loss
The Irish Examiner reports that the Beacon Hospital, which is owned by businessman Denis O’Brien, last year posted a pre-tax loss of €6.1m as revenues climbed 13%. New accounts filed by Beacon Medical Group Sandyford Ltd and subsidiaries show revenues rose to €103.9m from €91.7m. The pre-tax loss includes non-cash items, including a depreciation payment of over €8m and "notional" interest payments of €4.86m that are due to be paid to Mr O’Brien. Its earnings before interest, taxes, depreciation, amortisation, and rent rose 27% to €7.9m.
