FALLON & BYRNE PLAN FOR DUNDRUM TOWN CENTRE FOOD HALL 'UNDER REVIEW' - Plans by high-end retailer Fallon & Byrne to open a flagship food hall, delicatessen and restaurant at the Dundrum Town Centre in south Dublin have been placed under review.
The news comes following a period of turbulence at the business since the beginning of this year, writes the Irish Times. Only three weeks ago, the company's founders - Fiona McHugh, the former editor of the Sunday Times Ireland edition, and her husband, property developer Paul Byrne - agreed their exit from the business in a deal with the company’s other investors. The couple's departure followed the sudden closure of Fallon & Byrne's outlet at the Swan Centre in Rathmines on January 2nd. The company’s remaining investors, former Superquinn finance chief Frank Murphy and Kildare restaurateur Brian Fallon, stated their intention at the time to focus on the expansion of Fallon & Byrne’s Exchequer Street food hall and on the continuing operation of its Dún Laoghaire outlet. They made no mention of the outlets planned for Dundrum or Connolly Station in Dublin city centre. Asked for comment on the matter on Thursday, a spokesman for Fallon & Byrne restated that position, saying: "Fallon & Byrne is focused on expanding our innovative offering at Exchequer Street and that is where we see the most potential for growth in the short to medium term. This comes following the recent granting of planning permission by An Bord Pleanála for the expansion of our building at Exchequer Street. Our successful Dún Laoghaire outlet also continues to operate as normal." Asked specifically if Fallon & Byrne intended to proceed with the opening of its planned Dundrum outlet, the spokesman said: "All other business expansion plans are currently being reviewed."
DUBLIN UNIT OF US HEDGE FUND DAVIDSON KEMPNER SUES PERRIGO OVER MYLAN BID - Dublin-based Burlington Loan Management - a unit of US hedge fund Davidson Kempner - is suing Ireland-headquartered drug firm Perrigo and its former chief executive.
It claims they made material misrepresentations and omissions as Perrigo battled a hostile $27 billion (€25 billion) takeover approach from Mylan in 2015, says the Irish Independent. Burlington owned 231,737 shares in Perrigo at the time the takeover approach was made, which were valued at $57m (€52m) based on the final cash and share offer made by Mylan. The Davidson Kempner unit has previously been involved in the acquisition of assets including bonds in Irish banks and debt linked to Belfast's Titanic Quarter. Generic drug maker Perrigo, whose products include painkiller Solpadeine and quit smoking aid Niquitin, has been based in Ireland since 2013, when it acquired Elan for $8.6 billion. Perrigo's chief executive at the time, and when Mylan made its takeover approach was Joe Pappa. Both he and Perrigo's former chief financial officer, Judy Brown, are being sued by Burlington in the New Jersey legal action launched on Wednesday.
BUSINESSES WORLDWIDE COUNT COST OF CORONAVIRUS OUTBREAK - JCB, the British digger maker, has cut working hours and suspended overtime for 4,000 UK employees after the coronavirus outbreak prompted a shortage in parts coming from China.
Factory workers will work a 34-hour week until the disruption ends, although they will still be paid for a 39-hour week and will work them back later in the year, says today's Guardian. The majority of the employees affected are based in Staffordshire factories, including its Rocester headquarters, as well as plants in Wrexham and Derbyshire. Explaining the move, JCB’s chief operating officer, Mark Turner, said: "More than 25% of JCB’s suppliers in China remain closed and those that have reopened are working at reduced capacity and are struggling to make shipments. It is therefore clear that the inbound supply of certain components from Chinese partners will be disrupted in the coming weeks as they seek to replenish their stocks." JCB’s decision came as companies around the world counted the mounting cost of disruption caused by the coronavirus, which has been named Covid-19. The virus has killed more than 1,370 people and led to much of China’s economy grinding to a halt. The boss of China’s biggest listed company, Alibaba, described the coronavirus outbreak as a "black swan" event that could have a significant economic impact.
JEFF BEZOS SPENDS $165m ON MOST EXPENSIVE HOME EVER SOLD IN LOS ANGELES - Jeff Bezos has bought the most expensive home sold in Los Angeles - and it cost him a tiny fraction of his overall wealth.
The founder and chief executive of Amazon, who is the world's richest man by a distance, spent $165 million on the fabled Beverly Hills estate of the film studio boss Jack Warner, according to US media reports. He bought it from David Geffen, the entertainment mogul, who described the property as "a staggeringly stupid thing to buy", says The Times. Mr Geffen spent $47.5 million on the mansion and its grounds in 1990, a record at the time, and then invested $45 million on renovation and landscaping.