NI Business News Round-Up - Week ending 15th September 2023
Our team has summarised the key developments for NI businesses in the news this week.
Business News
Co Tyrone's Symphonia Spirits secure Tesco deal for its Irish Apple Gin - The Moy operation, founded by organic chemist Dr Ulrich Dyer, has secured a deal which while see Symphonia Irish Apple Gin on shelves of most Tesco stores across the north and on the Tesco website. (Source: Irish News)
Derry business family partner with Rushmere owners to buy Foyleside shopping centre - Patrick and Edmund Simpson are understood to have agreed terms to buy the Derry shopping complex as part of a consortium including Ian McMahon. The brothers, whose business interests include the Brunswick Moviebowl in Derry, and Belfast hotels Benedicts and The Landsdowne, are believed to have agreed a deal that will see Foyleside sold for below its £34.25 million guide price. (Source: Irish News)
Professional services giant EY has revealed plans to hire 1,000 people in Belfast and Derry over the next five years in a £10 million investment which will see its workforce more than double to 1,900. (Source: Independent)
Meanwhile there are fears over potential job cuts at Deloitte and Citigroup - As hundreds of delegates were being told of the benefits of investing in the north, staff at Deloitte were being briefed of potential job cuts on Wednesday afternoon. The professional services group, which employs around 1,000 people in the north, has launched a consultation process that could see 3 per cent of UK jobs at risk of redundancy. It’s understood staff were informed during an ‘all hands’ call at 2pm, with all but legal and tax employees affected. Meanwhile, Citi, the main partner for the Northern Ireland Investment Summit, also signalled it will cut jobs across its global operation on Wednesday. (Source: Irish News)
US-based hospitality group Sonder has been announced as the operator of a new £20 million aparthotel under development in the centre of Belfast (Source: Irish News)
The Economy
The UK economy shrank surprisingly sharply in July as the health sector was impacted by further industrial action and retailers were knocked by wet weather - Data from the Office for National Statistics (ONS) showed that gross domestic product (GDP) contracted by 0.5% in July. Economists had forecast a 0.2% decline for the month. It came after a 0.5% monthly increase in June. (Source: Independent)
Economy stuck in first gear as new orders slump for third month running - The north's fragile economy remains stuck in first gear as the four broad sectors of retail, construction, manufacturing and services all fell back in August. Ulster Bank's closely watched PMI report reveals that new orders fell for the third month running as higher interest rates and the cost of living crisis took a toll on demand. And while there are some chinks of light within the report - notably that some firms continue to recruit additional staff - the overall picture is one of decline. (Source: Irish News)
Deals
Co Antrim truck and trailer firm AT&T Rentals has completed the acquisition of Co Carlow business International Trailers. (Source: Irish News)
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