Seen & Heard: Government planning to fast-track repossession of investment properties
New system intended to reduce legal costs and delays associated with repossession cases
The troika has been briefed on the Government’s plan to fast-track the repossession of investment properties and buy-to-lets. Photograph: Frank Miller
The Government is working on a plan to fast-track the repossession of investment properties and buy-to -lets, according to the Sunday Business Post.
The paper reports that the troika has been briefed on the plan. The new system is designed to reduce legal costs and delays currently associated with repossession cases. It is not proposed that the system deal with repossessions of family homes. Instead these will fall under the remit of an expanded role for the new personal insolvency judges.
Loans to publicans
C&C, the Bulmers cider-maker, has loaned €1 million to Irish publicans this year to improve their premises. According to the Sunday Times, the trade loans, known as brewpub deals, are typically given at competitive rates and are common in the UK trade but have not been a feature of the Irish market.
The paper reports that C&C trade lending in Scotland, where sales of its Tennent’s lager are strong, was €8.5 million in the six months to August, although its lending in Ireland is not expected to reach that level. The company last week reported net revenue growth of 28 per cent to €337 million in the six months to the end of August.
Second property trust
A new property investment fund, Hibernia REIT, is set to be the second property trust to be listed, with trading due to begin next month, according to the Sunday Independent.
Hibernia is expected to issue its intention-to-float announcement in the second half of this month, with the fund planning to do its first trading of shares at the start of December, the paper reports. The fund is seeking to raise €300 million to buy retail and commercial property.
Backing for M&S boss
The biggest private investor in Marks & Spencer has given his backing to chief executive Marc Bolland despite the company’s clothing business continuing to struggle.
The Sunday Telegraph reports that Bill Adderley, the founder of Dunelm who was last week revealed to hold a 3 per cent stake in M&S, said the retailer deserves “top marks” for the performance of its food business.
The paper quotes Mr Adderley as saying that “too big a deal” has been made of the underperforming general merchandise division.
M&S is due to report half-year results tomorrow that will show that sales in the retailer’s food division are rising, but that general merchandise sales are falling.
Looking to London
Payments firm Realex is reportedly considering moving its main operations from Dublin to London.
The Sunday Independent reports that chief executive Colm Lyon told the paper that there were challenges scaling up in Dublin where “you’re competing with Facebook and others for both space and talent”.
He also said he was attracted to London by more flexible leases and bigger talent and advisor pools.