Business

So far this year, about 160 companies have closed each month, with liquidations accounting for 73pc, receiverships 26pc and examinerships 1pc of the insolvencies, according to figures out from Vision-Net. In the first 11 months of this year, 1,829 companies closed, leaving behind €1.15 billion of debt. This represents five companies closing each day, which is up 20pc on the same period last year. However, so far this year, 13,382 companies started trading, compared with 12,895 in the same period last year. Of the companies that began trading this year, 14,628 directors attached to them had been involved in a business before while 23,040 other directors were setting up for…

AIB has signed an agreement to sell its investment subsidiary, AIB Asset Management Holdings (Ireland), which includes AIB Investment Managers (AIBIM) to South African asset management company, Prescient Holdings, for an undisclosed amount. The acquisition is expected to be completed in the first quarter of 2012. AIB said the positive impact on the group’s capital position as a result of the transaction is not material. Irish Life & Permanent withdrew its preferred bid for the unit in April. Grainne Rothery

The firm, which already employs over 100 people in Dublin, is to expand its Irish presence by establishing a new R&D team in the capital, creating 35 new jobs. This investment is supported by the Irish Government through IDA Ireland. Today’s announcement will see the company establish a dedicated R&D team of 25 people creating high value positions for software engineering professionals. In addition 10 software consultancy roles will also be created. The roles will be for highly skilled software engineering professionals with a degree and/or masters in computer science. Welcoming the announcement, Minister for Jobs, Enterprise and Innovation, Richard Bruton TD said: “A key part of this government’s strategy…

Point-of-care diagnostics company Biosensia has secured funding of €1.2m which will enable it to pursue regulatory approval and advance its commercial partnership strategy in Europe and the US. Headquartered at NovaUCD in Dublin, Biosensia employs five people and intends to increase staff numbers to 15 by 2013 as part of its commercialisation strategy. There is a significant unmet need for more convenient, accurate and affordable point of care solutions, and Biosensia is poised to become a major player in the development of next-generation, point of care diagnostic products, according to CEO Diarmuid Flavin.  Biosensia’s platform, RapiPlex, is a point of care in vitro diagnostics platform. It enables the transition of…

Winner of the NovaUCD 2011 Start-Up Award, pharmaceutical research and technologies company APC plans to create 20 high-skill jobs in the next two years. The company was co-founded earlier this year by Professor Brian Glennon and Dr. Mark Barrett as a spin-out from UCD’s School of Chemical and Bioprocess Engineering and already included many of the top 10 pharmaceutical companies in the world on its client list. It provides pharmaceutical processing technologies and customized solutions to pharmaceutical companies that require the delivery of their medicines to the global market in a lean, reliable, and robust manner. APC has already hired three permanent, PhD-qualified engineers and chemists.  Most of the 20 jobs…

Starbucks today announced the purchase of California juice company Evolution Fresh for US$30m, a move it said will help it in its goal of entering the health and wellness sector. The company said that with the acquisition it would “reinvent the US$1.6bn super-premium juice segment”, which would be “a significant next step in entering the larger US$50bn health and wellness sector”. With Evolution Fresh, Starbucks said it will bring a premium juice product to the marketplace through the creation of a differentiated brand and experience, “similar to what Starbucks pioneered 40 years ago for coffee consumers”. Leveraging its retail footprint, CPG grocery distribution channels, digital breadth and in-depth customer engagement,…

Twenty new jobs are being created through the launch of a new concept called ‘skinflint’ from Irish company Jo’burger. Joe Macken set up Jo’Burger in 2007 and following examinership in 2009, was joined by John Roberts as a business partner. The business grew from then on to now employing under 100 people altogether. Based in Temple Bar at 19 Crane Lane, skinflint will open for trade on 14 November and the product concept won’t be disclosed until the first customer crosses the threshold. The concept will be promoted using Twitter and the first 500 customers will be served free of charge. 19 Crane Lane was previously the setting for Dublin’s…

Eighteen of the top 25 World’s Best Multinational Workplaces revealed last night by the Great Place to Work Institute have significant operations in Ireland. Winner of the Best Place to Work in Ireland for the past three years, Microsoft, was named the number one global workplace at ceremony at the New York Stock Exchange last night.  Microsoft employs 1,000 people here. “We’ve always believed that a great place to work is as relevant in an economic downturn as it is when times are good.  There’s a common misconception that focusing on this area is a nice to have rather than a critical element of what makes a company successful.  Our…

Customer relationship management (CRM) software provider Commence Corporation said today that it is establishing its international office in Dublin and will create 20 jobs over the next two years. Commence International will be responsible for the sales and service of the company’s web-based CRM software. Commence CRM is targeted at mid-size companies and small enterprises and competes with products like Microsoft Dynamics CRM and Salesforce.com. Commence International will be led by Noel Shannon, a software industry specialist with more than 30 years’ experience, together with a team of professional sales and support personnel. IDA Ireland CEO Barry O’Leary said Commence Corporation “complements the growing cluster of early growth multinational technology companies which have…

Pat O’Doherty has been appointed chief executive of ESB to succeed Padraig McManus who is retiring. The company has not specified O’Doherty’s commencement date in his new role. McManus has been chief executive and board member since 2002, having joined the company in 1978. O’Doherty, meanwhile, joined the ESB in 1981 and has worked throughout the business in senior management roles. Currently executive director of ESB Energy International, he has previously been executive director, ESB Networks; executive director, ESB Power Generation; and general manager, Synergen. “Padraig has led the transformation of ESB from being a monopoly to being the leading Irish energy company in a competitive market. He has modernised…