28.11.2011

Ronan McNamee, the founder of Cuisine de France, has signed a deal to sell a new range of wheat-free and gluten-free bakery goods to Dunnes Stores nationwide. McNanee and his business partner Pat Loughery sold Cuisine de France for €64.7m in 1997 to IAWS (now called Aryzta).

Michael Dawson, the founder and CEO of the Gift Voucher Shop, has seen turnover in his company rise to €150m. Sales are split between the UK and Ireland; sales are up 18% in Ireland and have risen 40% in the UK.

Charles Gallagher the Abbey boss saw the value of his family stake in the house builders Gallagher Holdings increased this week by €203,000 after market trading.  The family’s 10,166,000 shares are now worth €52.7M.

Origin Enterprises Tom O’Mahony was €29,000 down as the food and agribusiness firm hit its targets. O’Mahony’s 837,267 shares are now worth €2.55m.

Property tycoon Noel Smyth has stepped down as director from a number of his firms over the past month, including Therese Properties, Arkbay and Richelle.  He also handed over his art collection to NAMA last month. Smyth is locked in legal battles with lenders to keep control of more than €210m worth of UK properties and assets. The Square shopping centre in Tallagh is his major Irish asset.

William Egan CHR non-executive director and his wife bought 26,000 shares in the United States spending on average $17 a share for stock in the construction industry giant. Total cost in the region of €300,000.

Finally, in October Irish property prices fell at the fastest rate, 2.2%, since April 2009 bringing the fall to 15.1% for the year.  Falling property prices mean that the banks will face bigger losses and that the consumers will be less inclined to spend money.

Sunday Times, 27.11.2011 and Sunday Independant, 27.11.2011