Pharmacy chain Sam McAuley goes on the acquisitions trail

Seen & Heard: Adamstown development, Davy fund ‘frustrated’, Greencore wage policies

Adamstown train station. It is reported that Wembley Park developer Quintain has been appointed to lead the design, planning and development of a new €200 million town centre for Adamstown, Co Dublin

Adamstown train station. It is reported that Wembley Park developer Quintain has been appointed to lead the design, planning and development of a new €200 million town centre for Adamstown, Co Dublin

 

Pharmacy chain Sam McAuley has embarked on a €50 million acquisition spree that will double the size of the business over the next three years, according to the Sunday Independent. The company, which owns and operates more than 30 retail pharmacies nationwide, confirmed that it has just acquired two pharmacies in Dublin and Cork for a total of €5 million and that this was part of an overall growth strategy.

Town centre

Elsewhere in the Independent, it is reported that Wembley Park developer Quintain has been appointed to lead the design, planning and development of a new €200 million town centre for Adamstown, Co Dublin that will include the building of 1,000 homes. the paper also reports that the sale by Cairn Homes of its apartment development at Hanover Quay in Dublin’s docklands is on course to secure over €100 million.

Fund frustrated

A fund operated on behalf of Davy Stockbrokers has told investors it is “increasingly frustrated” with delays to the State’s key tax incentive scheme for businesses, the Sunday Business Post reports.

In a letter to investors the operating company behind the fund criticised the pace at which the Revenue Commissioners are processing applications for the Employment Incentive and Investment Scheme, the successor to the Business Expansion Scheme.

Proposed acquisition

Green cement firm Ecocem, the Post reports, has notified the competition watchdog of a proposed acquisition of its French subsidiary in partnership with Arcelor-Mittal, the world’s leading integrated steel and mining company. The deal is subject to approval from the Competition and Consumer Protection Commission.

New investors

The largest Irish-owned pension consultancy, Invesco, has appointed corporate finance adviser Key Capital to help identify new investors for the business, according to the Sunday Times. Des McGarry, the managing director and controlling shareholder, said Invesco was seeking investors and not a buyer.

Wage policies

Greencore boss Patrick Coveney, the Times reports, is facing a further headache over the food company’s US business as it has been named as a defendant in a potential class-action suit over wage polices at one of its plants.

A Greencore US subsidiary is named alongside local staffing agency Elite in a case filed last month that concerns a facility in Romeoville, Illinois.