20 October, 2023 in Industry News

NI Business News Round Up - week ending 20th October 2023

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

Business News

Dungannon-based Mallaghan Holdings, whose subsidiary firms are among the world’s leading manufacturers of ground support equipment (GSE) and airport buses, has enjoyed a hugely successful last trading year - Figures filed at Companies House show that the company - founded in the 1960s by Terry Mallaghan as a civil engineering contractor - almost doubled its sales from £32.9 million to £60.7 million in the 12 months to December. Gross profit rose by nearly 20 per cent to £11.9 million, and after running costs and taxes the company retained a profit of £1,518,717 - up from £1,333,222 a year earlier. (Source - Irish News)

A bid to develop a new 60-bedroom hotel in Co Fermanagh has secured planning approval - The £12 million redevelopment of the Carrybridge Lakeside Lodge and Marina has been proposed in a joint venture between Lisbellaw businessman Ronnie Crawford and the Cassidy Hospitality Group, which runs the existing 12-bed riverside establishment. The Co Fermanagh hospitality group’s portfolio includes the Westville Hotel and The Crowes Nest in Enniskillen. (Source: Irish News)

Ann’s Care Homes has been given the green light for a 36-bedroom care facility in Co Tyrone costing £3.6 million - The family run company, which currently operates 16 care homes across the north, bought the site of the Valley Care Home in Clogher in late 2021 after the previous owners closed it in January of that year. (Source: Irish News)

Almac to create 550 jobs with £80m expansion of Craigavon manufacturing base - Pharmaceuticals group Almac has announced plans to create 550 jobs in an £80 million investment at its Craigavon headquarters. The company is set to develop a new 100,000 sq ft manufacturing centre of excellence and a 40,000 sq ft diagnostic development and manufacturing centre. (Source: BBC News)

A Dublin-Ballymena joint commercial property venture has acquired its latest retail asset in the north - Magmel (Ballymena) Limited has bought phase two of the Braidwater Retail Park in Ballymena for an undisclosed sum. The joint venture (JV) already owned phase one of the retail park. Phase two includes 93,000 sq ft of space occupied by The Range, Harry Corry and Smyths Toys Superstore. Magmel was launched two years ago by Ballymena property firm Magell and Dublin-based Melcorpo. The latest deal comes just over a week after the Magmel JV paid £10.25 million for long-leasehold interest in three large retail units Riverside Retail Park in Coleraine. (Source: Irish News)

Belfast shipyard Harland & Wolff has landed the latest in a number of lucrative contracts which will see 1,000 personnel working on a single vessel refit by next spring. (Source - Irish News) 

Soft drinks giant Coca-Cola Ireland has moved to 100 per cent recycled plastic across its entire soft drinks portfolio (which includes Coca-Cola Original Taste, Coca-Cola Zero Sugar, Fanta and Sprite). (Source - Irish News)



UK inflation remained at 6.7% last month as easing food and drink price rises were offset by higher petrol and diesel prices for motorists, according to official figures. (Source: ITV News)


Workplace and Employment

A senior figure in IDA Ireland, the Republic’s foreign direct investment (FDI) agency, has been named as the next boss of Invest NI - Kieran Donoghue will take over the role of chief executive early next year. (Source: BBC News)

The average monthly wage in Northern Ireland remained unchanged last month at £2,097, the second lowest of any UK region (Source: Irish News)

Whilst every effort has been made by CavanaghKelly to ensure the accuracy of the information here, it cannot be guaranteed and neither CavanaghKelly nor any related entity shall have liability to any person who relies on the information herein. Information given here is for guidance only. Detailed professional advice should be taken before acting on any information contained herein. If having read the guidance here, you would like to discuss further; a member of our team would be pleased to help you.