Business

The total number of commercial and consumer judgments awarded, worth €398.5m, fell by 6.9pc in 2013 when compared to 2012, and fell 25pc when compared to 2011, according to the latest figures from Vision-net. However, despite the fall in the number of judgments, there was an 11.6pc rise in the average value of judgments in 2013 (€72,715) when compared with 2012 (€65,149) and a 31pc rise when compared with 2011 (€55,411). Vision-net’s figures show that 1,754 commercial judgments were awarded in 2013, an 11.4pc fall on 2012 and 38.5pc fall on 2011. The total amount of judgments awarded against creditors was €71.5m. Of these, 577 judgments worth €22.7m were awarded…

Construction work has commenced this week to convert the former Montrose Hotel on Dublin’s Stillorgan Road into high spec student accommodation for 192 residents from September 2014. Montrose Student Residence, on the doorstep of UCD, will target third-level and graduate students Dublin-wide through the academic year and international language students during summer months. It will offer a total of 192 en-suite bedroom units, arranged in a choice of five to eight bedroom ‘cluster flats’ each with communal living, kitchen and dining areas. It will also offer 24/7 security and a call out service, on-site laundry and car and bicycle parking spaces. Utilities, broadband internet, and contents insurance are all included…

Europcar Ireland has reported an 11pc increase in its peak fleet numbers to more than 5,000 vehicles and that it surpassed 900,000 rental days in 2013. It is now operating in the number three slot in Ireland’s main airports after a successful Dublin Airport Authority (DAA) tender and has also recently opened four new branches in Galway, Athlone, Waterford and Cavan. Colm Menton, CEO of Europcar Ireland said: “We can pinpoint the success in 2013 to the significant influx of tourists during the year of The Gathering and also through a change in behaviours by the corporate sector choosing to rent their fleet rather than buy. “The successful tender with…

TV3 has announced the sale of its corporate debt to long term shareholder Doughty Hanson. The corporate debt of TV3’s parent, Tullamore Beta, was included in the sale of IBRC’s assets by the special liquidators KPMG. In the Evergreen tranche, the debt was sold through an open auction process. The bid by Doughty Hanson was majority financed by BlueBay Ireland Corporate Credit I Limited. TV3 said the new lending facilities are long term and at commercial rates. As part of the re-financing package the company said it has also entered into new banking arrangements with Ulster Bank, providing the full range of working capital and banking facilities required by the…

Fortune 500 insurance company Genworth is investing over €15m in a new base in Shannon, which will include the development of a data centre to support its global operations. Genworth’s new international service centre will be located in the Westpark Business Campus following its purchase of the facility from global biopharmaceutical firm UCB. It will occupy 103,000 sq ft of office space and will house world class facilities, providing a flexible working environment for Genworth staff. Founded in Virginia, Genworth established operations in Shannon in 1997 and has nearly 400 people employed at the current site, the largest concentration of Genworth staff outside the US. The current Shannon base is…

Vacancy rates across Dublin city centre now stand below 10pc within the Dublin City Business Improvement District (BID). The BID area stretches from Stephen’s Green on the south side of the city to Parnell St on the north side. This is a reduction from the peak of 15.4pc experienced in February 2011 and is the first time since BID began collecting occupation data in 2009 that the level of vacancy has fallen below 10pc. Meanwhile, Dublin City BID has welcomed the news that Carraig Donn is opening a store in the Jervis Shopping Centre. “The news that Carraig Donn is coming to Mary St is a huge vote of confidence…

Provider of risk management and other services Aon is creating 30 new highly skilled jobs at its centre for innovation and analytics in Dublin, which opened in 2008 and already employs 100 people. The innovation and analytics team in Dublin has designed and developed the world’s largest proprietary platform of insurance placement data. The ability to analyse this data on behalf of clients gives Aon a unique competitive edge globally, according to Constantin Beier, CEO of the Aon Centre for Innovation and Analytics. Employing 600 people in total in Ireland, Aon plans to recruit the 30 new people by March 2014. The new roles will strengthen ACIA’s expertise in the…

The Irish retail sector could create up to 40,000 new jobs by 2020 if it can be put on a sustainable path to recovery, according to Ibec group Retail Ireland, which has published its ‘Strategy for Retail 2014-2016’. Retail sales figures up to now have been disappointing and many retailers continue to struggle, but Retail Ireland is optimistic about Christmas sales. “Consumer sentiment is at a five-year high and there are 58,000 new jobs in the economy,” said Retail Ireland director Stephen Lynam. “This should translate into higher spending this Christmas. Together with the fantastic value available in Irish stores right now, we are hopeful that tills will be ringing…

The number of firms becoming insolvent has fallen by 18pc during 2013, while the number of company and business start-ups is up by 9.4pc in the year to date, according to new data from Vision-net. In November, 130 companies, 58pc of which have a Dublin-registered address, were declared insolvent. Of those, 65 were liquidated, 52 entered receivership, and an examiner was appointed to 13 companies. Vision-net’s figures show that 84 companies held creditors meetings this month – a 26pc fall on November 2012 – with the total amount owed by these companies just under €40m. November has recorded 2,550 company and business start-ups, an average of 102 each day. While…

Irish GDP is set to grow by 1pc this year and by 2.5pc in 2014, according to Davy. The financial advisory company is more optimistic than the majority of other forecasters, including the Department of Finance, which last month revised downwards its projection for growth in 2014 from 2.4pc to 1.8pc. Last week, EY said it expected the Irish economy to contract by 0.2pc this year and to grow by 1.6pc next year. However, Davy said a range of indicators signify that Ireland is set for a robust recovery. The company also predicted a re-rating of Ireland’s credit worthiness by Moody’s as an inevitable and positive milestone for Ireland. Davy…