The Sunday Times reports that the family of Zara owner Amancio Ortega has pulled out of a €550 million to deal to acquire Fibonacci Square, part of the large office development in Ballsbridge, Dublin 4 that will become Meta’s new European headquarters.
The Facebook owner had signed up to a 25-year lease on the property in November 2018 but last year, after announcing numerous cutbacks, the social media giant decided not to occupy part of the property.
The collapse of sale negotiations come months after developer Johnny Ronan offloaded his stake in the development to Fortress Investment Group, which will now have to find a new buyer amid falling office markets, the paper reports.
Government to expand TBESS following low take-up
The new cost of living package to be announced this week will expand the temporary business energy support scheme (TBESS), tweaking it to expand the criteria of eligibility and increase the rates at which it is paid, the Business Post reports.
TBESS has been plagued by low take-up since it was introduced, with businesses complaining that payments under the scheme are too low and that the application process is restrictive.
The paper also reports that the Government is expected to alter or end a number of the measures contained in the package announced last September as the energy crisis has eased and concerns grow that a large giveaway in spring could further fuel inflation.
Lakeland looks to scoop up ice cream maker Silver Pail
Cavan-based co-op Lakeland Dairies is among the final four bidders for Cork business Silver Pail, the largest ice cream maker in the State, the Sunday Independent reports.
It is expected that a preferred bidder for the Fermoy-based business, which had an examiner appointed before Christmas, will be named this week.
Silver Pail, which generated revenues of more than €25 million last year, struggled during the pandemic, which hit its high-margin food service sales and increased its cost base.
Campaigner hits out at DJ Carey’s €9.5m AIB debt deal
A deal between DJ Carey and AIB to write off a €9.5 million debt that the Kilkenny hurling legend owed to the bank was “remarkable”, well-known mortgage advocate David Hall has told the Irish Mail on Sunday.
Mr Hall was speaking after RTÉ's Prime Time programme revealed last week that the majority State-owned AIB agreed to settle the debt out of court with Mr Carey for €600,000 in 2017.
“This is not a normal deal,” Mr Hall said. “Many people have struggled to get a deal with AIB and other banks. This is a remarkable turn of events.”
Housing crisis hits accountants
Ireland’s ongoing housing crisis is beginning to restrict economic growth in the State as international companies struggle to persuade staff to take up jobs here, Grant Thornton’s managing partner, Michael McAteer has warned.
Up to 30 per cent of international recruits offered jobs by the top accountancy firm last year turned down the posts because of the housing shortage, he told the Business Post.
A top recruitment firm told the paper that many of the top 10 accountancy firms are struggling to attract staff because of high rents in Dublin compared to other cities internationally.
