The 2015 GDP numbers, released yesterday by the CSO, may be unreal but back in the real economy many firms are seeing evidence of a recovery and are investing on the strength of it. As those CSO figures were landing yesterday Gourmet Food Parlour was marking its tenth anniversary in business. The company is still expanding and recently announced an expansion of its outlet in Swords, Co Dublin.
Gourmet Food Parlour's managing director Lorraine Heskin says the company was founded in 2006 at a time when the company was enjoying strong economic success. But two years later, recession hit the country. Ms Heskin said that the company survived - and indeed flourished - because it remained very focused on its goals and objectives. She said this enabled it to grow and it was very lucky to make the most of lots of opportunities as they came along.
Gourmet Food Parlour also offers catering, and counts the Dublin GAA County Board among its clients. This division is now the company's fastest growing segment, Ms Heskin stated. Looking to the future, she said the company remains very grounded and focused and wants to continue to experience the growth was have seen over the past ten years.
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MORNING BRIEFS - South African retail group Steinhoff has tabled an all-cash takover offer for Poundland, which trades as Dealz in this jurisdiction where it has 50 shops. Steinhoff already owns 23.6% of Poundland. Its 222 pence per share offer values the remaining shares at around £450m and is a 40% premium to the price on the day before it began building its stake. Poundland has recommended shareholders accept the offer.
*** Finance Minister Michael Noonan met EU competition commissioner Margrethe Vestager yesterday as it seems a decision in the Commission's investigation into Apple's tax affairs is imminent. The tech giant is facing a multi-billion euro bill for back taxes as the Commission has already indicated in preliminary findings that its tax arrangements here were improperly designed and breached EU state aid rules. The Government's position is that the Commission's case is unfounded. US treasury secretary Jack Lew is to meet Ms Vestager later this week. Newswire Bloomberg reported yesterday that Mr Lew has written to her urging her not to force Apple to pay back taxes.
*** Almost a fifth of takeover announcements involving publicly quoted companies in the UK were preceded by what the Financial Conduct Authority calls "unusual trading patterns". Share price spikes in the run-up to a company confirming it is the subject of a potential takeover can indicate market abuse including insider dealing. The FCA, which is responsible for regulating financial markets in the UK, identified unusual trading patterns prior to 13 out of the 69 public takeover announcements in Britain last year.
*** The founder of student accommodation developer Ziggurat has said his company plans to invest all its money in Ireland. Ziggurat is in the process of building 4,000 units in Dublin, Cork and Galway. It has already completed a development opposite University College Dublin on the former site of the Montrose Hotel, its first foray into Ireland.
