O'BRIENS SEES GLASS HALF FULL AS IT MOVES INTO THE UK WINE MARKET - Ireland's largest family-owned off-licence chain, O'Briens, has moved quietly into the UK market with the acquisition of two shops in London.
Independent wine retailer Philglas & Swiggot, which has outlets in fashionable Marylebone and Battersea's bustling Northcote Road, has already changed hands once since it was founded almost 30 years ago, says the Irish Times. A third store in upmarket Richmond closed in recent years. O'Briens, which has added about 30 shops to its steadily-growing business in Ireland since a revamp and decision to expand in 1997, bought Philglas & Swiggot on November 16th last. A spokeswoman for O'Brien's refused to answer questions about the takeover, including whether or not it will rebrand the London shops, what future plans it has for its expansion into the UK and what role, if any, the Brexit saga had on its decision. The chain imports into Ireland directly from more than 75 wineries worldwide, and ranges familiar to Irish customers have been appearing for the first time on the shelves of its newly-acquired outlets across the Irish Sea in recent months. Company records show two of the three current directors of Philglas & Swiggot, including Brendan O'Brien, have addresses at O'Briens' headquarters in Stillorgan, south Dublin. A third, Marcus O'Brien, shares the address at Philglas and Swiggot's Northcote Road shop.
***
REVENUE LAUNCH NEW ONLINE SYSTEM TO SAVE EMPLOYEES OVER-PAYING TAX - A new facility launched by Revenue is expected to ensure fewer people over-pay their income tax. From this week, taxpayers can see up-to-date information on all the taxes and other charges on their income.
This includes employees and people getting an occupational pension. Taxpayers are being encouraged to set up an online account with Revenue to see the details. Since the start of the year, employers have had to submit information on a monthly basis for each employee. The tax authority has so far received 2.2 million payroll submissions from employers in relation to 2.6 million employees and pension recipients. It covers almost €36 billion in payments. This includes details of pay, income tax, universal social charge (USC), PRSI (pay related social insurance and income tax rate for the staff member. If the local property tax is being paid monthly through salary or a pension, it will also be captured. Also included in the system are pension contributions paid by employers and any share-based salary. All this information can be assessed by taxpayers by signing into myAccount on the Revenue's website. The new system will allow taxpayers to double check the accuracy of what is being submitted to Revenue on their behalf and not just what is on their payslip.
***
SOLO RUN FOR CORK ENERGY FIRM - Cork startup Solo Energy is set to provide a "virtual power plant" as a key technology solution for an ambitious £28.5m (€32.4m) project designed to make the Orkney Islands carbon free.
Company co-founder Killian O'Connor said this is groundbreaking technology which can be used to solve the problem of intermittency in renewable energy, allowing power generated at times of low demand to be stored and to be released to the grid at times of peak demand. "Our virtual power plant is not a large industrial plant in a single location but a connected system of distributed batteries and electric vehicles which is controlled and aggregated by our software platform, FlexiGrid," according to Mr O’Connor. For Solo Energy, the Orkney Islands project - which will involve the roll out of 1,000 batteries and 600 electric vehicles - is a chance to demonstrate what its technology can do, says the Irish Examiner. The project, which is now at the planning stages and set to start in the autumn, follows the installation of Solo Energy's technology in a 20-house test site at Ballyferriter earlier this year, which Mr O’Connor said is the first domestic virtual power plant in Ireland. The company was set up in mid 2015 by Mr O’Connor and Mark Hamilton, engineers with extensive experience in the renewable sector.
***
NEW OFFICE SITES IN LONDON SHOW LITTLE SIGN OF BREXIT BLUES - The construction of office buildings in central London is at its highest level since the EU referendum.
The upbeat findings in the Deloitte crane survey were seized on by the Department for International Trade as evidence that London was thriving despite Brexit, writes The Times. Liam Fox, international trade secretary, said: "This is a far cry from the doom and gloom predicted when the UK voted to leave the European Union in 2016 and reinforces the City’s global pre-eminence as an investment destination." It follows a recent report by the OECD showing that the total value of foreign investment stock into the UK increased by 5% in 2018, Dr Fox said. He and John Glen, treasury minister, will address a City conference today. Both will talk about the UK's strong prospects in financial services despite Brexit. Deloitte found that 37 new office schemes were started in the six months to the end of March, adding 3.5 million square feet to the development pipeline.
