Developers Paddy McKillen jnr and Matt Ryan’s Oakmount company plans to build a 155-bedroom hotel and leisure complex on a historic site in Birmingham, the Sunday Independent reports. Quoting a local report, the newspaper says Oakmount plans the scheme at the Methodist Central Hall. The hotel will use the developers’ Dean hotel brand and the Sophie’s bar and restaurant marque.
The Sunday Independent also reports that some creditors at collapsed building company Roadbridge have asked to see documents relating to the receivership of the company, which entered insolvency in March, putting more than 1,700 jobs at risk. Trade creditors are owed €50 million but rank behind €30 million of Bank of Ireland loans. Now, some creditors have asked the Grant Thornton receivers to see documents relating to the bank loans.
TII budget review
Transport Infrastructure Ireland, the State agency in charge of building roads, has launched a review of its budget amid fears it could “jettison” some new road projects due to soaring inflation in the construction sector, reports the Business Post. The paper’s sources told it TII was examining “how much the current budget can deliver”, as the State re-examines projects planned as part of the €165 billion National Development Plan.
Wealthy taxpayers seeks Revenue deals
“At least a dozen” wealthy Irish taxpayers are looking to strike deals with Revenue over a collective tax bill of about €100 million related to the transfer of company share rights. The Business Post reports that the high-income individuals have sought to do deals after Revenue settled with a businessman for about 10 per cent on €2 million worth of share rights transfers. There have been disputes over whether such transfers attract income tax or are considered capital gains.
An Post eyes Revolut alternative
An Post is seeking Government approval to take an equity stake in a planned, bank-led new money transfer mobile app, which is being set up as an alternative to Revolut, says the Sunday Times. Bank of Ireland, AIB and Permanent TSB are the main movers behind Synch Payments, which is developing the app to allow instantaneous cash transfer. An Post wants to take a small stake as a junior partner.
Doran equity stake
The Sunday Times also reports on Irish businessman Patrick Doran, who looks set to turn a $25,000 (€23,700) investment into an $85 million equity stake in a Nasdaq business in just 20 months. Doran helped to set up a Nasdaq-listed vehicle to seek merger candidates. The vehicle will soon merge with software company Telesign, resulting in a 5 per cent stake being transferred to a company controlled by Doran.