Banks are preparing to take enforcement action against a number of landlords of “big-ticket” commercial properties who are in financial difficulty, both the Business Post and the Sunday Independent report.
Citing Colm Dolan, a director in the restructuring department of insolvency expert Grant Thornton, the newspapers say banks will move more aggressively in the coming months.
A number of high-profile property sales are expected to close at about 15 per cent below asking price soon and this could lead to technical defaults on other loans in the market, sparking action by the banks, Mr Dolan said.
A glut of so-called “grey offices” – where investment is required to bring them up to current environmental standards – are on the market and a number of key transactions may crystallise valuation drops in the sector in the weeks ahead.
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Corre Energy boss set to be removed
Corre Energy founder Keith McGrant, is set to be ousted as chief executive after shareholders agreed a rescue deal last week, according to The Sunday Times.
A new management team is being assembled to take over from McGrane who will be moved into a different role within the company, possibly as early as this week, the paper reports.
The new leadership is expected to begin a programme of asset disposals quickly to help steady Corre’s finances, as well as slash operating costs and finance the development of a more tightly focused portfolio of energy storage projects.
Revolut sets date to enter Irish mortgage market
Revolut has set a date for the launch of its Irish mortgage offering, reports the Sunday Times.
The digital bank, which has 2.7 million users of its payments services in the Republic, has told potential business partners that it will introduce its first home loans in the second quarter of 2025 as it bids to challenge the dominant Irish lenders.
The mortgage move will mark a significant expansion of its offering here, with the newspaper reporting that Revolut has taken steps to hire a team of mortgage specialists to develop it.
[ Revolut plans to offer Irish mortgages from 2025Opens in new window ]
Q City for sale
The liquidators of the Irish Bank Resolution Corporation have appointed selling agents to market Q City in Hyderabad, India, which was once the most far-flung asset in the empire of businessman Seán Quinn, reports the Sunday Times.
The newspaper understands that liquidators Kieran Wallace and Eamonn Richardson of Interpath Advisory have retailed JLL to seek a buyer for the property, which consists of two blocks with a combined 110,000 sq m of office space.
Marketing of the site is under way, with a guide price of €50 million.
Possible pensions delay
The landmark pensions auto-enrolment scheme looks set to be delayed as part of a number of policy deferrals designed to give businesses a reprieve from looming cost increases, according to the Business Post.
Minister for Social Protection Heather Humphreys has spearheaded the pensions auto-enrolment scheme, which was due to come into effect by the end of 2024.
But the newspaper believes a delay to its introduction until late 2025 is being seriously considered, due to the pressure of mounting costs on small businesses.
Immedis accounts
Immedis, the payroll software company sold last year in a bumper deal, has recorded a loss of €14.5 million in its latest financial results, reports the Sunday Independent.
The company was formerly part of serial entrepreneur Terry Clune’s CluneTech before being acquired by US multinational UKG in a deal worth €575 million last June. The reported price tag would have valued Mr Clune’s holding in Immedis at around €350 million.
Last week, Immedis reported that its losses had grown by almost €1.6 million to over €14.5 million, according to its latest financial results covering nine months to the end of September 2023.
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