Kiltimagh is just as expensive as London
Kiltimagh -- the East Mayo hometown of Louis Walsh -- is just as expensive as London for doing business, says Frank Salmon, a former entrepreneur of the year finalist.
Salmon's fast-growing company CMS Peripherals has operations in Kiltimagh and the UK. Speaking to the Sunday Independent, Salmon said that major gains had been made in its Irish operations with costs coming down by about 20 per cent in the last three years. However, he believes that competitiveness can improve by at least another 10 per cent.
Ireland's competitiveness is under the microscope following the latest review by the EU/IMF/ECB troika. Labour costs in Ireland have fallen by 12 per cent, while remaining almost unchanged in both Greece and Portugal.
Last year a graduate programme at CMS was relocated to the UK because Kiltimagh was too expensive. However, improvements at the cost base mean that another graduate scheme may now be hosted in Mayo.
CMS Peripherals, which is a technology sector sales and marketing business, was set up when Salmon borrowed €100,000 from the bank to do up his kitchen. He used the money to fund the company's growth instead.
Following a recent acquisition, CMS Peripherals is set to report sales of €140m this year. A rapid business expansion over the next three years may see the firm hit revenues of €250m, Salmon forecasts.
Sunday Indo Business