FALLON & BYRNE RUNS INTO TROUBLE OVER EXTENSION PLANS FOR FLAGSHIP STORE - The well-known food hall and restaurant group, Fallon & Byrne, has run into opposition over its plans for a major extension to its flagship store on Exchequer Street in Dublin.
An appeal has been lodged with An Bord Pleanála against the recent decision of Dublin City Council to grant planning permission for a three-storey extension to incorporate two new outdoor terraces for Fallon & Byrne's existing restaurant and function room. The proposed development represents an extension into a service courtyard which is primarily used and managed by the telecoms group, Eir, which leases the building to Fallon & Byrne. The objection is being made by Burlington Real Estate, the owners of an adjoining office block, the Central Hotel Chambers Building, on the corner of Exchequer Street and Dame Court, says the Irish Times. It claims the first-floor extension will have "significant adverse impacts" on its property in terms of overlooking, daylight, noise and disturbance and would result in a loss of privacy and amenity as well as depreciate the value of the building. In April, Fallon & Byrne hired Goodbody stockbrokers to raise about €6 million of fresh capital to fund the group’s expansion plan which aims to double its existing size over the next five years. A key element of the plan is the proposed extension to its premises on Exchequer Street as well as a new retail outlet at Connolly Station.
SAVOY CINEMA OWNER OBJECTS TO DEVELOPER'S PLAN - The owners of the Savoy Cinema in Dublin have put the brakes on the Marlet Group amending its ambitious plans for the Apollo House, the College House, and Screen Cinema site on Pearse St.
This follows the Dublin Cinema Group Ltd lodging an appeal against Dublin City Council's decision to grant planning permission to Patrick Crean’s Marlet Group subsidiary, Atlas GP Ltd, for amendments to its overall proposal, including plans for a 500-seat entertainment venue. The new application also includes a partial increase in heights of the permitted Apollo House and College House development. The Dublin Cinema Group is holding up the application over its concerns on the effects the proposed venue could have on the Savoy cinema, part of a deal the two sides had struck. The Dublin Cinema Group sold the Screen Cinema property to Mr Crean’s Balark Investments in 2016 for redevelopment, says the Irish Examiner. In a letter to the council, Dublin Cinema Group director Paul Ward said on completion of the sale, Balark Investments entered into a deed of covenant with the group that it wouldn’t use any of the part of the Pearse St site as a "cinema or theatre venue of any kind" for 20 years from February 2016.
'BETTER THAN NO DEAL' - CBI NI PRAISES GOVERNMENT OVER TALKS - The head of the Confederation of British Industry (CBI) in Northern Ireland gave a guarded welcome to news of a Brexit deal, but she warned that businesses in the North would suffer from a coming departure from the European Union.
"From a business perspective, it is complicated, but it is better than no deal," Angela McGowan told a Brexit conference organised by PwC in Dublin. Ms McGowan had warned the conference earlier that businesses in the North had already started to see orders cancelled due to prolonged uncertainty over Brexit. She said many customers were not prepared to take a risk that supply chains would remain intact after the October 31 exit date. The Northern economy still carries the scars of the financial crisis and is 2% smaller than it was in 2007, says the Irish Independent. Its is dominated by smaller firms, who trade a lot with the state, and in agriculture and foods. As such, Ms McGowan said the North was likely to be the loser in any trade deals that the UK strikes in the future, which would likely aim to reinforce the UK's strengths in the car and financial services sectors, and offer concessions over agriculture in return. The uncertainty over Brexit has already started to hit hard, with bank lending down by 20% year-on-year. "There are firms not doing the extra projects like building a factory," she said.
DEAL MADE ME JUMP FOR JOY, SAYS IMF HEAD - The head of the International Monetary Fund jumped for joy on hearing that Britain had struck a draft Brexit deal with the European Union as the global community swung behind efforts to get the agreement over the line.
Kristalina Georgieva, the IMF managing director, and David Malpass, president of the World Bank, welcomed the end to the uncertainty that the agreement promises if it clears parliament this weekend, writes The Times. Although the IMF believes that any form of Brexit is economically damaging compared with remaining in the EU, Ms Georgieva said that the harm had already been done and that the impact would barely be felt in Britain. Brexit has commanded little attention at the annual meetings of the IMF and World Bank in Washington this week but no-deal was identified as a 'downside risk' to the global economy. The fund said that the continued uncertainty had dragged on Britain as it cut its growth forecast this year form 1.3% to 1.2%. Ms Georgieva, 66, claimed that the worst economic effects of Brexit will have passed if MPs approve the deal on Saturday.