News

Our team has summarised the key developments for NI businesses in the news this week.

Business News

Antrim fit-out specialist Mivan has announced the creation of 100 jobs on the back of an influx of new orders - The bespoke joinery manufacturer had employed around 250 people when it collapsed in 2014. The business, which was bought out of administration by Brian McConville’s MJM Group, had been recovering well before the pandemic, reaching 200 people and sales of £37 million in 2019. It operates across various sectors, including marine, specialist joinery, luxury residences, offices, hotels, themed and leisure interiors. (Source - Irish News)

Naval shipbuilding return to Belfast confirmed - A £1.6bn contract to manufacture the vessels providing munitions, stores and provisions to Royal Navy ships has been confirmed, with the project set to create 900 shipyard jobs in Belfast. (Source - Insider Media)

Deal may be imminent to save Newry Reporter from closing - British multimedia company and media takeover vehicle National World has made a formal move to buy the Reporter. National World is led by industry veteran David Montgomery. Its current stable of titles includes the Belfast Newsletter and a number of weekly titles in the former Morton Newspaper Group, including the Ulster Star, Portadown Times and Mid-Ulster Mail.  It is understood acquisition negotiations with National World have been ongoing for some time. And while a formal agreement has yet to be reached, the matter is currently in the hands of lawyers, and signs of a successful deal appear promising, although no-one from the Newry Reporter or National World would comment. (Source - Irish News)

Argos to close entire retail operation in the Republic with the loss of 580 jobs (Source - Irish News)

Northstone report return to profit but warn of inflation impact on trade - The Northstone operation in Northern Ireland returned to profit in 2021, new accounts for the construction and buildings materials group show. But the Dunmurry-headquartered group said higher costs made for a more challenging environment in 2022. It comes as Northstone’s Dublin-based parent owner CRH put the Farrans operation in the north up for sale last month. (Source - Irish News)

Owner of Belfast bar Revolución de Cuba says chain will shut number of venues on Mondays and Tuesdays over next few weeks to combat rising costs (Source - Belfast Telegraph)

Radisson Roe in Limavady spends nearly £2m on upgrade (Source - Belfast Telegraph)

Coca-Cola HBC has announced a £17m expansion of its Knockmore Hill factory in Lisburn, delivering 35 new jobs (Source - Belfast Telegraph)

There was 1.24 million square feet of empty office space on the market in Northern Ireland at the end of 2022, according to a new report - Analysis from real estate specialists CBRE, which largely focuses on the Belfast market, reveal the availability of office space is five times that of 2018. (Source - Irish News)

 

Economy

Bank of England governor: Inflation likely to fall quite rapidly in late spring - Andrew Bailey has said that lower energy prices will help drive down inflation in coming months. The Office for National Statistics (ONS) said the rate of Consumer Prices Index (CPI) inflation fell to 10.5% in December from 10.7%, offering a further sign that the cost-of-living crisis may have passed its peak. (Source - Belfast Telegraph)

House prices in Northern Ireland continued to rise in December 2022, but at the slowest rate since May 2020, according to the latest Royal Institution of Chartered Surveyors and Ulster Bank Residential Market Survey. (Source -Insider Media)

Northern Ireland jobs market remains strong despite recession - The jobs market in Northern Ireland remains reasonably strong with payrolls still rising in December despite the economy entering recession in the third quarter of last year. Latest figures show the employment rate increased in the September to November quarter despite a fourth consecutive monthly increase in people claiming unemployment benefits. (Source - Irish News)

Insolvencies on the rise for companies and individuals – There were 15 company insolvencies registered in Northern Ireland in December, government figures show. It comprised 11 creditors’ voluntary liquidations (CVLs), two compulsory liquidations and two administrations. There were no receivership appointments. (Source - Irish News)

 

Workplace & Employment

The 2023 EY Entrepreneur of the Year (EOY) programme has officially open for nominations, with entrants hoping to follow in the impressive footsteps of Martin McKay - For more details or to complete an online nomination form visit https://www.ey.com/en_ie/entrepreneur-of-the-year (Source - Irish News)