BGF FUND INJECTS €5m INTO RHATIGAN BUILDING FIRM - Investment fund BGF is taking a minority stake in Winterbrook, a housebuilder owned by well-known developer Francis Rhatigan, for €5m.
The money will be used to support activity across residential, private rental and commercial projects, writes the Irish Independent. "BGF expects to provide significant follow-on funding to Winterbrook as further market opportunities arise in the future," it said. Mr Rhatigan is well known from his role as joint managing director of Ellier Developments, which built Facebook's headquarters in Dublin city centre and the Dalriada estate in Knocklyon, South Dublin. He said the money would "open up new opportunities as Winterbrook will now have timely access to additional funding when opportunities arise". His children Kate, Anne-Marie and Conor are working with him in the business, while ex-DCC boss Tommy Breen has joined as chairman. Winterbrook's land bank, focused on the Dublin region, includes sites in Foxrock, Enniskerry and Dalkey. It's BGF's second deal here after a recent €10m investment in nursing home operator Brindley Healthcare.
***
GOVERNMENT PLAN TO LINK PENSION INCREASES TO INFLATION FACES OPPOSITION - Fianna Fáil has said it will "completely" oppose an attempt by the Government to link welfare increases to inflation, in an early indication of a potential budget flashpoint.
Speaking at the Fine Gael conference in Wexford, Minister for Social Protection Regina Doherty said she intends linking payments such as the pension to the consumer price index (CPI) this year. Ms Doherty said all the non-governmental organisations (NGOs) in her sector are in favour of such a move. "It’s very much my ambition to introduce it. I’ve a conference in July with all of the NGOs but it very much depends on the support of all of the other political parties. Some of the noises I’m hearing aren’t very positive. So I've a body of work today." However, Fianna Fáil social protection spokesman Willie O’Dea said he will resist any attempts to introduce this policy in the budget later this year. Fianna Fáil’s acquiescence is needed to pass the budget. Mr O’Dea said the CPI reflected the price of "Ferraris, yachts, the whole lot" and could not be applied to those at risk of poverty. He said it would be "effectively maintaining the status quo year to year" and was indicative of Fine Gael’s general approach. The Limerick TD said Fine Gael would be consigning people to poverty while claiming to help them.
***
MICHAEL CREED PLEDGES SUPPORT FOR FARMERS - Agriculture minister Michael Creed has promised farmers a "substantial" aid package if they suffer losses as a result of new UK tariffs under a no-deal Brexit.
The Irish Farmers’ Association estimates that WTO tariffs on Ireland’s beef and livestock sector will impose a direct cost of €800m per year, devastating the €3 billion industry and putting thousands of farmers out of business. The beef sector is especially exposed to new tariffs, with half of all exports going to the UK, says the Irish Examiner. The government will seek to provide domestic state aid such as grants and intervention, Mr Creed said. Dublin may also provide private storage aid (PSA) for the industry, an EU measure usually reserved for smoothing out seasonal imbalances between supply and demand. In addition, Ireland would apply to the European Commission for exceptional aid under Common Market Organisation rules covering agricultural products, Mr Creed said. "We are very satisfied that the Commission recognises the necessity for that and we have a substantial package," he said.
***
TESCO 'MISLED SUPPLIER' OVER IRISH STORES - Tesco has apologised after blaming a decision to pull some British products from its Irish stores on uncertainty surrounding the UK’s departure from the European Union.
Britain's largest supermarket chain, which has more than 6,800 stores and 440,000 staff around the world and has 151 branches in Ireland, was accused of using Brexit as an excuse last night after it said it had failed to "properly explain" why it is taking a supplier’s goods off shelves next month. The grocer, which told an English manufacturer this month that concerns about the aftermath of Brexit had forced it to delist products from its Irish stores, now insists this is not the case. In email correspondence seen by The Times, Tesco told the supplier that it would no longer stock its products in Irish outlets after examining "the viability" of taking them across from the UK post Brexit". The FTSE 100 retailer said it had "no choice" but to delist the company's goods after a review of UK-produced lines which sell less than 10 cases in Ireland.
