Leisure sector bears brunt of insurance hikes; Perrigo’s tax bill, and Point Square for sale

Business Today: the best news, analysis and comment from The Irish Times business desk

The Point Square scheme includes 103,000sq ft of offices, 242,000 of retail space, and a six-screen cinema

The Point Square scheme includes 103,000sq ft of offices, 242,000 of retail space, and a six-screen cinema

 

Insurers in the Republic clawed their way back to a small profit covering public and employers’ liability and commercial property in 2019 after six years of premium hikes, led by a doubling of the costs for firms in the arts, entertainment and recreation sectors, that’s according to Central Bank data which Joe Brennan has examined in detail.

The news comes as Grace Donnelan reports on a Tipperary water park that fears it will be unable to reopen due to difficulty in renewing public liability insurance amid escalating premiums.

One of the largest outstanding tax disputesin the State has moved closer to settlement, with the money at issue falling dramatically. Following discussions between consumer health group Perrigo and Ireland’s Revenue Commissioners, the Irish tax authorities have now accepted that the contested sum is actually less than €1 billion. Dominic Coyle spoke to the company’s chief executive Murray Kessler about the issue.

Kilkenny-based Modubuild is seeking to take revenues over the next three years to more than €100 million and may take on outside investment for the first time as it looks to fuel growth. Chief executive and co-founder Kevin Brennan told Charlie Taylor the company expects to record revenues of at least €48 million this year, with €35 million of this already secured.

Charlie also reports on Junk Kouture, a platform that showcases work from post-primary school students making create designs using recycled materials, which has secured $1 million in seed funding.

Specialist construction business Pure Fitout will spend €1.2 million hiring apprentices over the next five years to aid it in meeting demand, reports Barry O’Halloran. The company intends to invest the sum in hiring 20 apprentices to tackle a growing labour shortage in construction and meet projected demand for its services.

Equities are the only sensible foundation for private pensions, writes Martin Wolf, saying that their massive long-term outperformance occurred despite world wars, the Depression and the global financial crisis.

In Commerical Property, Ronald Quinlan reports that Dublin’s Point Square is hitting the market with a €75 million price tag. Developed originally by Harry Crosbie, the scheme was known formerly as Point Village, and is being offered for sale by Savills on behalf of joint statutory receivers Stephen Tennant and Paul McCann of Grant Thornton.

Ronald also reports that Aldgate Developments has secured the largest office letting of 2021 in Sandyford where BNP Paribas Bank and US pharma giant ResMed have executed their respective long-term leases on a combined 60,000sq ft of office accommodation at the newly-developed Termini.

You can read all the rest of today’s Commerical Property news here.

Stay up to date with all our business news: sign up to our business news alerts and our Business Today daily email news digest.