NI Business News Round Up - week ending 10th May 2024
Our team has summarised the key developments for NI businesses in the news this week.
Oakleaf Group to launch new Irish American themed pub in Cookstown as part of £3m investment in Mid Ulster hospitality - ‘The 40 Thieves’ due to open on Cookstown’s William Street during July. Mr Scullion already operates six hospitality venues, including Time Bar, Clubland and the Cherry Tree bar in Cookstown. The Oakleaf portfolio also includes The Harp and Fiddle in Strabane and The Black Sheep in The Loup. The £3m investment plans include a major refit of the Time venue, set to commence in July. (Source - Irish News)
Graham is named preferred bidder for £60m Lord’s project – Hillsborough construction giant Graham has been selected as the preferred bidder on a £60 million scheme to transform the iconic home of world cricket. Lord’s Cricket Ground in London will undergo major redevelopment project encompassing the Tavern and Allen Stands. (Source - Irish News)
Electric Ireland to exit residential market in the north - Electric Ireland entered the domestic market in the north during 2015. It became the north’s third largest supplier of electricity to households, with a customer base of more than 100,000. But it has lost a significant number of those domestic customers in recent years. Its 53,000 residential customers currently represents just a 6% share of the northern market. In a statement, Electric Ireland said: “As a result of this review, we will be focussing exclusively on the business market and, over time, our intention is to no longer serve the residential market.” (Source - BBC News)
Keystone opens new Cookstown headquarters after multi-million pound investment - (Source - Irish News)
Expleo to launch new AI centre of excellence in Belfast and Dublin - Tech group Expleo has announced the launch of a new artificial intelligence (AI) centre of excellence in Belfast and Dublin. The Titanic Quarter-based engineering, technology, and consulting service provider said it is investing €1 million (£0.86m) in the new hub. Expleo said the new centre of excellence, which will have its central hubs in the group’s Dublin and Belfast HQs, will help businesses across the world adopt AI and emerging technologies. (Source - RTE.ie)
Strathoy Dairy reports sharp rise in turnover and profit - The island’s oldest family-run dairy saw its revenues surge by 25% to £148.5 million in the year to 31 July 2023. Costs also increased substantially with the company’s accounts showing ‘cost of sales’ rising by 24% to £137m, admin expenses increased by 47% to £3.6m, and distribution costs increasing 2.8% to £5.3m. Despite those rising costs, Strathroy Dairy Limited reported a pre-tax profit of £1.4m in the year, around £1m more than in 2022. (Source -Irish Farmers Journal)
Planning approval for Limavady Irish Whiskey’s £10m distillery in Co Derry - Darryl McNally takes a step closer to realising distillery dream on Magilligan family farm as planning approval has been granted for a new £10 million Irish whiskey distillery in Co Derry. (Source - Irish News)
Northern Ireland tops whole UK for new car registrations in April - Northern Ireland was the UK’s best-performing region for new car registrations in April, according to the Society of Motor Manufacturers and Traders (SMMT) as 3,815 new cars were registered over the month. The Ford Puma was the north’s best-selling new car, with 639 models registered in April. (Source - Belfast Telegraph)
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