A round-up of today's business news stories in brief
5m investment for Netwatch
Security firm Netwatch has announced a €5 million investment programme which it hopes will create 50 jobs over the next three years and result in the doubling of its client base.
The Co Carlow based security service provider, which monitors more than 1,000 businesses and private homes in Europe, the US and South Africa, said the investment follows strong growth in business, particularly in the UK, because of extra criminal activity during the downturn.
Netwatch said it was involved in the rollout of new systems at 120 UK sites due to long-term closure of development projects and the need to protect high-value vacant buildings.
Group launches new refund service
A group of Irish businessmen has launched a new service that will allow people to challenge financial institutions without going through the Ombudsman.
Refund.ie will initially employ 15 people in its Cork and Dublin offices. The company will manage complaints from the public about financial products including payment protection insurance, investment bonds and life assurance policies.
Managing director John Prout said the mis-selling of financial products was rampant. This was particularly common with payment protection insurance.
Refund.ie will provide an initial consultation and, if the case is deemed viable, a flat fee of €242 will apply.
Veris sale approved
The sale of Veris’s property and facilities management businesses to Campbell Catering’s parent will proceed tomorrow after shareholders backed the deal yesterday.
The Dublin- and London-listed company agreed the sale of the businesses to Aramark, owner of Campbell Catering, for almost €51 million at the beginning of the month.
Over 95 per cent of shareholders by value voted for the sale at a Dublin egm yesterday. Close to €31 million of the total €50.8 million purchase price will go to repaying debts owed to State-owned Anglo Irish Bank.
Heineken raises earnings outlook
Heineken has raised its earnings outlook after closing several breweries across Europe, including its Beamish and Crawford plant in Cork.
The Dutch brewer has been on a major cost-cutting drive to offset a fall-off in beer sales linked to the recession.
Earlier this year, it transferred its production of Beamish stout from the landmark site on Cork’s South Main Street to the Heineken Lady’s Well brewery.
Heineken said the closures and other cost-cutting measures will result in a charge of €130 million to €150 million for 2009. – (Reuters)
Kernel in 1.5m investment
Venture capital fund Kernel Capital yesterday confirmed plans to invest €1.5 million in MPSTOR Ltd, a Co Cork-based tech firm.
MPSTOR Ltd operates out of Cork Institute of Technology’s Rubicon Centre, where it develops data storage management products.
It is hoped the new round of funding could boost MPSTOR’s international sales and marketing activity, scaling up its potential to secure a greater share of the US$16.5-billion global data-storage market.
The investment round was led by Kernel Capital through the Bank of Ireland Kernel Capital Fund and Asian Investment firm Winning Tack.
Hutchison 3G Ireland
In an article published last Tuesday it was stated that mobile phone company 3 Ireland “is tax resident in the UK, where its management is located”.
The company has pointed out that an administrative error on its part meant it was stated in its 2008 accounts that 3 Ireland is “tax resident in the UK, as central control and management is in the UK”.
3 Ireland is tax resident in both the UK and Ireland. Chief executive Robert Finnegan and the management team are based in Dublin and report directly to Hutchison Whampoa Ltd in Hong Kong.
