Mixed results for Shaws operators
THE two companies that, between them, control nearly a dozen Shaws department stores endured starkly different financial performances in the year to January 30. Accounts for Shaw and Sons, which controls seven stores, show turnover remained at €23.3m, while losses narrowed to €470,000 from nearly €654,000 a year earlier. W&G Hadden operates five stores -- four of them under the Shaws name. It doubled operating profits to €893,000 but was hit by a €7.3m provision for property revaluations. The chain has been the subject of an intense family feud for over a year.
Keane adds to BMW dealership network
FRANK Keane has announced that Maxwell Motors, the long-established motor dealership in south Dublin recently purchased by the Frank Keane Group, will become an authorised BMW dealership this November. The new dealership will trade as 'Frank Keane Blackrock'. The addition of the BMW franchise is thought likely to lead to an increase in employment in line with BMW's growth in Ireland. The firm will provide BMW sales, after sales, and customer financial services.
Ad giant to move HQ out of Dublin
BRITISH advertising giant WPP is to shift its headquarters from Dublin back to the UK next year or early in 2013, its chief executive Martin Sorrell has confirmed. WPP is the world's biggest advertising company and moved its HQ to Dublin in 2008 to slash its overall tax bill, fearing that new laws on the taxation of foreign earnings in the UK would have an adverse impact on its bottom line.
Pharmacy group stock is protected
UNITED Drug will not seek to repossess stock from 11 companies in the McSweeney pharmacy group that are under court protection. The McSweeney pharmacy group companies employ 95 people and have debts of more than €17m. Mr Justice Frank Clarke yesterday discharged injunctions against United Drug restraining it from seeking to repossess stock, following a complaint that it attempted to do so on Thursday. A petition of examinership was presented by the McSweeney group in the High Court offices on Wednesday afternoon and that brings a company under court protection.