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One51 targets listing on Toronto stock exchange

Seen & Heard: Chill looks set to enter mortgage market; Canadian in Mount Wolseley bid

Mount Wolseley: The Sunday Times reports that Austrian investor Thomas Reoeggla is close to adding the Mount Wolseley hotel, spa and golf resort in Carlow to his line-up of investments.

Sun May 28 2017 - 18:49

Irish plastics company One51 is targeting a listing on the Toronto stock exchange as early as next year, which will put a valuation of more than CAD$1 billion (€663 million) on the company, the Sunday Independent reports

The company had ebitda (earnings before interest, taxes, depreciation, and amortisation) of €55 million in 2016 and has ambitions to grow that to €100 million within the next two years, possibly through one to two acquisitions, which will make it sizeable entity upon flotation.

The Independent also reports that Chill Money, the lending business of Chill Insurance, has launched a credit card and is considering entering the mortgage market within the next 12 months.

Chill Insurance launched its personal loan business in February with the promise of a quick and easy application process. It has received more than 15,000 inquiries to date.

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The Sunday Business Post reports that Dunnes Stores has been declined access to documents that reveal what efforts were made to secure "high-class" tenants at the Point Village shopping centre.

The department store is refusing to release €15 million to the developers until it receives assurances that it will be surrounded by prestigious retail outlets at the North Wall Quay.

The company behind the Waterford Whiskey distillery – which last month raised €21.5 million in new funding – saw its operating losses rise to €844,498 in 2016, the Post reports.

Renegade Spirits, which was founded by English whiskey expert Mark Reynier, raised €14.4 million in loans from Ulster Bank and the remainder from the British Business Growth Fund, partly in loans and partly in shares.

Beneficiary

According to the Sunday Times, Limerick is on course to be a beneficiary of Brexit, with the US financial services giant Northern Trust considering moving part of its European headquarters away from London to the city.

A Northern Trust source said that there were “up to 1,000 jobs on the line at Canary Wharf” if the UK does not secure a favourable deal for passporting if financial services throughout Europe.

The Times also reports that Thomas Reoeggla, an Austrian investor who has emerged as a big buyer of Irish hotels, is close to adding the Mount Wolseley hotel, spa and golf resort in Carlow to his line-up of investments.

Mr Roeggla has signed contracts to buy the Tullow establishment for close to its €14.25 million asking price, property sources said.

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