INM should sell Citywest plant and outsource printing to rival, says EY

Seen & Heard: Investors set to short Greencore, One4All owner GVS close to being sold

EY has recommended that INM sell its printing plant in Citywest

EY has recommended that INM sell its printing plant in Citywest


Independent News and Media should consider closing its printing plant in Citywest and outsourcing the activity to The Irish Times, according to a recommendation from consulting firm EY.

The Sunday Business Post, which has seen EY’s report, also said the consultancy giant told INM it has a “can’t-do mentality”.

The same paper reports that Gift Voucher Shop (GVS), the operator of the One4all card scheme, is on the brink of being acquired for an estimated €110 million.

The newspaper also warns that Ireland risks getting caught up in the US/EU trade war with further pressure being heaped on the Aughinish Alumina plant in Limerick.

Elsewhere, the newspaper says Dublin-headquartered Greencore is a top pick for short sellers betting its share price will fall.

In addition, the paper carries a report that Web Summit chief executive Paddy Cosgrave is behind a new $50 million investment fund.

Irish pension cash

Private equity firm Lone Star is considering floating as part of its strategy for building out its Irish assets, according to a report in the Sunday Independent.

The same paper estimates that €1 billion of Irish pension cash is tied up in Italian bonds, the price of which has wobbled in recent days due to political instability.

The newspaper said German bank Sparkasse is weighing up establishing a community-based, not-for-profit scheme here to deliver cheap mortgages and loans.

It also reports that Aer Lingus is still confident that its expansion won’t be hindered by production delays at Airbus.

Staying with aviation, The Sunday Independent says Ireland West airport is looking for additional EU funding to revamp its runway.

Oil moves

Irving Oil, the owner of the Whitegate refinery in Cork, is close to sealing a deal to acquire fuel group Top Oil. The company has a network of 180 fillings stations and a fuel import facility, The Sunday Times reports.

The paper also reveals that housebuilder Gleveagh Properties in in talks to buy the former Ford motor distribution site in Cork for close to €15 million.

The Sunday Times claims IBRC is to take a possible €60 million hit as it starts to pay back customers who were overcharged by Anglo Irish Bank.

According to the same newspaper, Broadhaven, a lender backed by Bain Capital, is behind the sale of 30 Georgian properties in Dublin 6.

Staying with property, the newspaper said Pepper Money is to relaunch its mortgage range this week with the introduction of fixed-rate loans.

In addition, it reports that under new plans from the Central Bank of Ireland, lenders will soon have to explain to customers how they have the right to sell mortgages to another provider.

All boys

The Sunday Telegraph reports that both KPMG and PwC have warned recruiters they will not accept all-male shortlists from them in the future.

It adds that the owner of fashion chains Monsoon and Accessorize cut hundreds of jobs last year as it closed 18 shops in Britain.