UK STOCKBROKER TO CLOSE ITS IRISH OFFICE AT THE END OF JANUARY - Redmayne Bentley, a UK stockbroking and investment management company, is to close its Irish operation at the end of the month.
Established in 1875, Redmayne Bentley is one of the UK's largest independently-owned stockbrokers, providing share dealing and investment management services. It opened in Cork in 2009, its first branch outside of the UK, but has now decided to close the business on January 31st, writes the Irish Times. Nick Bettison, director of business and branch development, said: "Over the last few years our UK-based business has become more focused on discretionary investment management while the Irish business remains entirely execution-only." Mr Bettison added that while Redmayne Bentley will no longer have a presence in Ireland, it will continue to offer a full service to clients here from the UK. Since March 2009 the Irish office has provided a personal stockbroking service for those wishing to invest in Irish and overseas shares, and offered some of the keenest rates among traditional stockbrokers. The Cork management team will now look to re-establish the business with a local provider. A spokesman for the Cork operation says it expects to confirm its new business partner "very shortly".
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iNUA RACKS UP RECORD €50m HOTEL REVENUES - The seven-strong iNua Hospitality portfolio of hotels in 2018 recorded revenues of €50m, according to sales and marketing director Brenda Murphy.
She added that the group "has an optimistic view of performance in 2019 and beyond", writes the Irish Independent. Ms Murphy disclosed the group's 2018 revenues when commenting on accounts for the group's four-star Muckross Park Hotel - formerly owned by Bill Cullen and Jackie Lavin - showing that it increased its operating profits by 55% to €214,157 in 2017. The Co Kerry hotel enjoyed the increase in operating profits after revenues increased by 13% from €6.6m to €7.47m. The firm recorded a pre-tax loss in 2017 of €123,343 after paying interest of €337,500. The loss also takes account of non-cash depreciation costs of €343,394. iNua Hospitality purchased the hotel for €6.25m in early 2015 and it is part of a portfolio that includes the Radisson Blu hotels in Limerick, Cork and Athlone and the Hibernian Hotel in Kilkenny. Numbers employed at the Muckross Park company increased from 165 to 176.
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IRELAND WELL-PLACED TO FILL EU 'HORSE-WHISPERER' ROLE - Ireland is "well-placed" to become a gateway to the EU for American and Asian businesses after Brexit, PwC has claimed.
"Despite Brexit, Ireland remains the fastest-growing EU economy with nearly full employment and a continued strong FDI [foreign direct investment] pipeline," said PwC Ireland managing partner Feargal O'Rourke. "As a small, open economy, seizing the opportunities will be important. Maintaining and increasing competitiveness - both at national and company level - will be critical. And, as the only English-speaking EU country, post-Brexit, with a pro-business environment and access to over 400 million consumers, Ireland has a great opportunity as a gateway to the EU for US and Asian businesses. Indeed, as a consequence of Brexit, the US will be looking for a new ‘horse-whisperer’ to interpret and engage with the EU. Ireland is well-placed to fulfil that role," he said. Mr O'Rourke also reiterated his call for Irish businesses to prepare for the worst and "intensify" their contingency planning for a no-deal Brexit. "With ongoing political chaos in the UK, businesses still have no clarity and the risk of a disorderly Brexit on March 29 has increased. Irish businesses need to intensify their no-deal contingency planning," he said. Mr O'Rourke was speaking as PwC published its global CEO confidence survey to coincide with the opening of this year’s world economic forum in Davos.
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NORTH-EAST ENGLAND WILL BE HARDEST HIT BY NO-DEAL BREXIT, SAYS CBI - North-east England would suffer the biggest decline in economic output of any UK region by the middle of the 2030s if the country leaves the EU without a deal, according to an analysis of government figures by Britain's leading business lobby group.
The Confederation of British Industry said the region could be among the hardest hit by a no-deal Brexit in less than 70 days' time given the high percentage of exports of goods to the EU compared with other parts of the country, says today's Guardian. Should Britain either choose to exit without a deal or fail to agree a compromise with Brussels, the gross value added (GVA) - a measure of the economic value of goods and services - could be reduced by 10.5% in the north-east by 2034 compared with the UK’s current arrangements. The CBI said this would be equivalent to a loss of output worth £7 billion, which is about twice the amount spent on schools and education in the region each year. The lobby group said that high levels of manufacturing activity, including thousands of workers in the car industry, meant north-east England was "particularly exposed to the risk of higher tariffs and trade costs" in the event of Britain leaving the EU without a deal.
