Top stories in the papers this week 13 – 20 February 2012
Musgrave paid less for Superquinn than banks were owed; Centra expands and creates 300 jobs; Iceland Foods in buyout talks
Print20 February 2012
1. Musgrave paid less for Superquinn than banks were owed
The Irish Times has examined the figures recently filed at the Companies’ Registration Office, showing how much Musgrave paid for Superquinn’s properties in an overall deal worth €200 million. In total, Musgrave paid just over €78 million for the four “sole” investment properties of Ballinteer SRH Ltd, Blackrock SRH Ltd, Sundrive SRH Ltd and Knocklyon SRH, which the paper calculates was a hair cut of 22% for the banks on these specific properties.
2. Centra expands and creates 300 jobs
Convenience symbol group Centra plans to create 300 jobs this year as it opens 20 new stores in an investment worth €10 million. The Irish Independent reports 150 jobs will be created in the 20 new stores while the remainder of the 300 planed jobs will be added by store extensions and other independent stores joining the Centra network. The business recorded €1.4bn in sales in its 458 stores last year.
3. Iceland Foods in buyout talks
The chief executive of Iceland Foods, Malcolm Walker, has said the management of the grocer is in exclusive talks with two failed banks to buy out a 77% stake in the unlisted company. The Irish Times reports Walker declined to give details on the financing of his bid, but said he was not working with rival private equity bidders Bain Capital and BC Partners. He added a deal was likely to be reached in two to three weeks.
4. SuperValu claims range can cut €45 from grocery bill
SuperValu has invested €20 million in a new own-brand range of more than 1,500 products, which it claims can slash €45.26 off the bill for a basket of groceries normally costing €110.35. According to the Irish Examiner, SuperValu has reported a 10% year-on-year sales increase in its own-brand products and is hoping for further growth with the launch of its new quality-checked range.
5. Kellogg set to pay P&G $2.7bn for Pringles chips
Kellogg has agreed to buy Pringles potato chips from Procter & Gamble for $2.7 billion in a cash deal that will nearly triple the cereal maker’s international snack business. The Irish Times reports the deal will also allow household goods maker P&G to finally leave the food business after its agreement with Diamond Foods fell apart this month, following the discovery of improper accounting at Diamond.
Also:
65 new jobs at Dealz stores in Cork and Athlone
Tesco deny using ‘work experience’ scheme to hire workers without pay (Daily Record)
Britvic Ireland plans further cost reduction
Households ‘cut back on spending’ (Irish Times)
Government urged not to introduce ‘discriminatory taxes’ on food items (Irish Examiner)
Developers insist €30m retail project will not lead to ‘ghost’ units in town (Irish Examiner)
Kerrygold milks new market as products hit Bejing shelves (Irish Independent)
Nenagh parking plan a ‘joke’, traders claim (Nenagh Guardian)
Not so sweet: Breakfast cereals laden with sugar research finds (Irish Independent)
Historic street set for €600k facelift (Irish Examiner)
Gloomy consumer outlook revealed (Irish Times)
Landlords must act to aid squeezed retailers (Irish Independent)
EuroGiant signs long leases on four stores (Irish Independent)
One in 10 households borrowed from family to pay bills (Irish Times)
Measures all dressed up with nowhere to go (Irish Examiner)
Removing cap on size of shops could pose threat to food and drink industry (Irish Times)
Irish consumer morale plunges (Irish Times)
Minimum alcohol pricing ‘as soon as possible’ (Evening Echo)
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