Former rugby star Frankie Sheahan declared bankrupt
In the papers: RSA abandons Dublin Brexit move; U2 guitarist invests in startup Coras
Former Ireland and Munster rugby star and Pendulum Summit chief executive Frankie Sheahan has been declared bankrupt, according to a newspaper report. Photograph: Tom Honan/Inpho
Former Ireland and Munster rugby star and Pendulum Summit chief executive Frankie Sheahan has been declared bankrupt, the Sunday Independent reports.
The ruling was made last week and comes on the back of loans drawn down from Bank of Ireland. Mr Sheahan had used the loans to buy property as part of his retirement planning during his rugby career. When property crashed, Mr Sheahan found himself able to pay the interest on the loans but not the principal.
Version 1 raises expansion capital
The Independent also reports that IT services company Version 1 has raised €90 million in fresh capital to drive expansion in the UK and Europe. The money comes from Volpi Capital, a UK-based private-equity firm run by Irishman Crevan O’Grady.
The Edge invests in Dublin ticketing startup
According to the Sunday Business Post U2 guitarist Dave Evans, known as The Edge, has emerged as an investor in a Dublin-based start-up that wants to disrupt the ticket-booking industry. Mr Evans has joined a consortium of wealthy investors that includes businessman Barry O’Callaghan, music promoter Stuart Galbraith and investment firm Elkstone Capital in investing €2 million in the new company called Coras.
Fenergo secures contract
Irish-owned fintech company Fenergo has secured a Europe-wide contract with Spanish bank BBVA, as the Irish-owned company continues its international expansion, the Post reports. Under the terms of the deal, Fenergo’s software will be rolled out across BBVA’s European corporate and investment divisions.
RSA skips Dublin
The Sunday Times reports that the British insurer RSA has decided not to locate an EU base in Dublin, dealing a further blow to Ireland’s hope of reaping a Brexit dividend from companies seeking to protect their European passporting rights by relocating from the UK.
Dublin is believed to have been on the a shortlist of possible locations for RSA’s proposed EU office. It has now been dropped, however, in favour of Luxembourg or Copenhagen, according to industry sources.
Ryan family windfall
Several members of the Ryan family of Ryanair fame are in line for a €42 million windfall following the winding-up of a company involved in their airline venture in Mexico, the Times says. A liquidator has been appointed to disburse the assets of Cogall, a Ryan-linked company previously known as Ryanmex Holdings. Cogall has assets of over €42 million and liabilities of €18, 450.
Fraud officer warns UK businesses
The Observer tells us that David Green, the director of the British Serious Fraud office has warned that businesses who do not co-operate with his agency will not be able to benefit from new settlement deals.