Seen and Heard: Digiweb to review options including possible sale

Telecoms company hires IBI Corporate Finance to review its strategic options

Digiweb founder Colm Piercey: said there were “definitely no talks”.

Digiweb founder Colm Piercey: said there were “definitely no talks”.

 

The Sunday Times reports that Digiweb has hired IBI Corporate Finance to review its strategic options, including a possible sale of the telecoms company. Founder Colm Piercey said there were “definitely no talks” but the newspaper understands potential purchasers have been sounded out.

Kildare Village in expansion talks

The Sunday Times also reports on rumours that the owners of the Kildare Village outlets centre is in talks with the local authority about a large expansion. The Leinster Leader has reported that Value Retail Dublin is in pre-planning discussions over a proposed expansion, which would be on the same scale as a recently opened extension which cost €50 million and added 33 new shops.

Aryzta chairman to review Picard deal

New Aryzta chairman Gary McGann is to carry out a review of the food company’s €446 million investment in French frozen products group Picard, according to the Sunday Independent. The deal has been unpopular with shareholders, many of whom do not want Aryzta to go on to buy Picard outright.

Economist says banks could have saved €420m

A report by economist Jim Power suggests banks would have saved €420 million in mortgage insurance if the product had been widely used in the Irish market before the 2008 crash, says the Sunday Independent. The report found that the savings would have been €1.5 billion if insurers had agreed to pay claims two years after arrears started.

U2-backed Belgian hotel group to be sold

The Sunday Business Post reports that a Belgian hotel group backed by investors including members of U2 is to be sold for about €100 million. The investors, however, are expected to get only a quarter of their €44 million equity back, the paper suggests. The hotels include nine hotels that trade under brands including Holiday Inn and Crowne Plaza.

Gallagher sibling to question strategy at AGM

A member of the Gallagher family that controls the building firm Abbey has vowed to dispute its management and strategy at its upcoming annual general meeting in Dublin on Friday, reports the Sunday Business Post. Peter Gallagher’s gripes include wanting his brother, executive chairman Charles Gallagher, to take a more hands-on role and also that a new auditor should be appointed.

Ronan Group to build docklands hotels

The Post also reports that Ronan Group Real Estate plans to build two new hotels and student accommodation as part of a new million-square-foot complex in Dublin’s docklands region. It bought the site for €43 million from the National Asset Management Agency with backing from Colony Capital. RGRE expects to create 1,000 jobs during the project, which is being referred to as Spencer Place.