The First Irish Christmas Tree company is raising £1.5 million in a share placing to invest in new and semi-mature Christmas trees. Investors will be able to subscribe for ordinary shares and loan notes which offer a compounded annual return of 7.5 per cent.

The funds are being raised by Davy Stockbrokers and BDO Simpson Xavier. The tree plantations will be managed by the Emerald Group which currently sells Christmas trees to customers in Britain, Germany and other European states. In Ireland, Emerald has plantations in Grangecon, Co Wicklow; Borris, Co Kilkenny; and Gorey, Co Wexford.