Paddy Power to cut outlets as punters move online

Bookmakers Paddy Power, owned by Flutter Entertainment, plans to cut 13 Irish shops and has a further 50 outlets on a watch list as the Covid-19 pandemic has accelerated a move by punters online, according to the Sunday Times.

The newspaper reported that Paddy Power has up to 300 shops in Ireland and that most of the outlets affected by the planned cull are in the greater Dublin area. Flutter had said in May that its outlets in Ireland had continued to underperform, even after the lifting of all Covid-19 restrictions.

Former Debenhams store in Dublin to be put on market for €52m

The Sunday Times also reports that the receivers of the former Debenhams flagship store on Henry Street in Dublin are putting the six-storey property on the market with a price tag of €52 million in the coming weeks.

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Receivers Grant Thornton also recently instructed property agency Cushman & Wakefield to find a buyer for the former Debenhams store on Patrick Street in Cork. Both sales will be a test of the strength of prime retail property in both cities, the newspaper said.

The buildings are linked to companies associated with the Roche family, which operated Roches Stores before they sold the business, but not the properties, to Debenhams in 2006. Debenhams Ireland went into liquidation two years ago. Bank of Ireland appointed Grant Thornton as receivers to the properties in May.

EU to direct member states to cut gas use

The Business Post reports that the European Commission will this week tell member states to start cutting gas use immediately, as the likelihood of supply shortages this winter increases.

While most of Ireland’s gas comes through the UK, it will also be expected to comply with the plan to be outlined on Wednesday. The report said that gas use may need to be cut by 10-20 per cent as part of an emergency effort across the union to fill storage facilities, in order to prepare for a potential sudden cutting in supplies from Russia, which has traditionally supplied 40 per cent of the block’s gas.

Russia shut down its key Nord Stream 1 pipeline to Germany last week for annual maintenance until July 21st, but European governments are worried that Moscow could extend that in order to restrict European gas supply.

Meath engineering firm MTM sells €30m majority stake

MTM Engineering, the Meath-based data centre cable specialist company, has sold a majority stake in itself to Dutch private-equity firm Waterland in a deal said to be worth €30 million, the Sunday Independent reports.

The company, founded in 1997 by Martin and Patricia Mee, and now headed by their son, Brendan Mee, has built a leading position in turnkey cable installation and termination services, particularly in the booming data centre market. Currently 75 per cent of the company’s turnover is outside Ireland and Mr Mee has ambitions to expand further internationally.