02 December, 2022 in Industry News

NI Business Round-Up - Week ending 2nd December 2022

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

Business News

Strabane-based cooking oil supplier and waste oil collector Frylite Solutions plans to bolster its Irish operations by investing £7 million in a new state-of-the-art Dublin depot. (Source - The Irish News)

Pets at Home has revealed a fall in profits for the past six months as it came under pressure from higher freight and energy costs. (Source - Yorkshire Post)

HSBC confirm plan to close branches in Coleraine and Portadown - Closures will leave HSBC with just a single branch in Northern Ireland. (Source - The Irish News)

Fibrus awarded £108 million broadband contract for full fibre roll-out in Cumbria. (Source - BBC)

The Mallusk-based auction group Wilsons has reported a 30 per cent rise in pre-tax profit in a year where it continued to reduce its workforce. (Source - The Irish News) 

Next buyout of Joules sees the closure of 12 stores but Belfast and Banbridge not on the list - (Source - The Irish News)



Belfast-based Petroleum Installation Solutions (PIS) Ireland has been acquired by the LCM Environmental Group for a seven figure sum -  Set up in 2012, PIS specialise in forecourt installation. Its clients include Maxol, Applegreen, Texaco, Topaz and Solo. Its new owner, Lancashire-based LCM fuel, has been involved in the fuel, energy and infrastructure sector for 35 years. (Source - The Irish News) 

NI equity investment positive but external finance on the wain – Equity investment in smaller businesses in Northern Ireland remains positive, according to new research, but usage of external finance by those same firms fell in 2021 and continues to decline in the first half of 2022. (Source - Insider Media) 



Belfast is the only UK city to see footfall figures beat pre-pandemic levels in November - Footfall figures in Belfast in November increased by 5.7 per cent compared with the same period before the pandemic, making it the only UK city to witness a positive reading. (Source - The Irish News)

The number of mortgage approvals being made to home buyers fell to its lowest level in more than two years in October. (Source - The Irish News)

The average price of home heating oil across Northern Ireland has fallen to its lowest level since mid-August - The Consumer Council’s weekly survey found an order of 500 litres across the north this week cost £418.85 on average. (Source - The Irish News) 


Workplace & Employment

BT has announced plans for a pay rise to all but its highest paid staff in a move aimed at resolving a long-running dispute which has led to strikes. (Source - Independent) 

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.