THERE’S AN old adage that it never rains but it pours. This might explain why Anglo Irish Bank has so many branded umbrellas in stock.
It seems that Mike Aynsley still has 2,000 Anglo brollies in his cupboard. What to do with them?
Taxpayers might like to use them as a stick to beat former bank directors with but otherwise it’s hard to imagine a queue forming.
Try getting a getting a taxi in Dublin some night with an Anglo umbrella. I venture you’d be in for a long wait.
The other options are to chuck them in a big skip along with the name signs or send them to Africa for the rainy season.
Latest accounts for software company Acision Ireland, a company whose backers include Brian Long and Denis O’Brien, show a steep decline in its turnover and increasing losses.
Turnover fell to €1.75 million in the 12 months to the end of June 2010 from €7.4 million in the previous year.
Its loss grew to €1.5 million from €628,831. The directors report said the fall in sales was due to a “market downturn” in the global wireless and fixed-line telecoms markets.
The Irish business was reliant on funding from its parent group.
Acision was expected to IPO last year but, instead, it raised $100 million from shareholders.
Experienced investment banker Basil Geoghegan recently stepped down after a short stint as chief investment officer to take up a post with Citi.
Irish-owned telco Welltel has applied for an operator’s licence in the UK. The company provides phone systems and services to businesses and has about 250 customers to date, including Clerys, Warner Music and Giraffe Childcare.
Managing director Ross Murray told me that his target this year is to double turnover to about €1 million. It sound like a tall order but Welltel is adding about 20 new customers a month, attracted by its lower phone costs.
