Top stories in the papers this week 30 December 2011 – 6 January 2012
Luxury food emporium can't pay €1.4m tax bill; Call not to buy cheap vegetables; Cash and carry business to cut staff
Print6 January 2012
1. Luxury food emporium can’t pay €1.4m tax bill
Award-winning Dublin food business Fallon & Byrne is insolvent and unable to pay a €1.4m tax bill, an emergency sitting of the High Court has been told. The Irish Independent reports the judge granted the company, which still has a sales turnover of more than €8m, protection of the court by appointing chartered accountant Neil Hughes as interim examiner. He is to run the business as a going concern.
2. Call not to buy cheap vegetables
Ireland’s remaining commercial vegetable growers have gained support from a potentially powerful source, the Irish Examiner reports. The Grow it Yourself (GIY) organisation, which has around 12,000 members, has called on its members and consumers to support Ireland’s producers, by not buying vegetables if they are too cheap. “Excessive”supermarket offers put growers out of business, the group claims.
3. Cash and carry business to cut staff
Mallow-based Barry Group has confirmed it is letting nine of its full-time staff go as part of a restructuring process. The Irish Examiner reports that the company which employs 250, said it was re-organising its workforce because, like much of the retail sector, it had suffered as a result of the downturn in the latter half of last year. A spokeswoman said the rationalisation would allow the company to face into 2012 with greater confidence.
4. Five Irish businesses went bust every day last year
Almost 170 companies collapsed every month in the first 11 months of 2011 owing €1.19bn in unpaid unsecured debt, according to new figures from the business intelligence analyst Vision-net. The Irish Independent reports a total of 1,930 Irish companies failed in 2011. This is up 20% on 2010. Of these, liquidations accounted for 73%, receiverships accounted for 26% and examinerships for 1%.
5. Positive figures for Donnybrook Fair retailer
Donnybrook Fair made a profit of €426,000 in the year to the end of January 2011. The Irish Times reports the company’s performance marked a turnaround on the year to the end of January 2010, when it made a loss of almost €815,000. The upmarket food retailer’s turnover was down 18% on the previous year, yet the cost of sales fell and administrative expenses were stripped back, resulting in the pretax profit of around €472,600.
Also:
Big stores get sales boost but smaller retailers still fear worst (Irish Independent)
Christmas trading boost for local businesses (Westmeath Independent)
Potato growers hold emergency talks over risk of ‘retail wipeout’ (Irish Examiner)
Fianna Fáil critical of VAT rise (Irish Times)
Rising global food costs will hit Irish consumers (Irish Independent)
Retail sector waking up to post-Christmas reality (Irish Times)
Destination uncertain for gourmet luxury food hall (Irish Times)
Superquinn and the strangulation of Ireland’s high-street retailers
VAT rise ‘kick in teeth for firms’ (Belfast Telegraph)
Retail failures soared 30% on lower spend (Irish Independent)
Retailers worry as year-end sales fluctuate (Irish Times)
Retailers pessimistic about 2012, says IBEC (The Journal)
Rotten end to rotten year for struggling retailers (Belfast Telegraph)
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