Pillo Hotels, a hotel operating company led by former senior executives of Jurys Doyle Group and backed by Ion Equity, has been appointed to manage the former Marriott Hotel in Ashbourne, Co Meath. The company will manage the hotel on behalf of KPMG, which was appointed as receiver of the hotel by NAMA more than a year ago. Pillo executive Conal O'Neill said that the company had rebranded the hotel as the Pillo Hotel Ashbourne.
Autumn date for governor search
UK Chancellor George Osborne said he'll start the formal search for the Bank of England's next governor in the autumn, as he seeks to calm speculation over who will replace Mervyn King next year. "The governor still has a quarter of his term to serve," Mr Osborne said in a statement. "He is doing an excellent job. There will be a proper process for appointing the next governor but that has not begun and will not until the autumn." Mr King is scheduled to leave the bank after serving the maximum two five-year terms allowed.
European firms in $15bn of takeovers
Western European companies announced $15bn (€11.4bn) of acquisitions yesterday, led by Nestle's purchase of Pfizer's infant-nutrition unit, driven by the desire to buy revenue growth outside their home markets. In addition to Nestle's $11.9bn deal, Vodafone Group bid $1.8bn for Cable & Wireless Worldwide and AstraZeneca agreed to buy Ardea Biosciences for $1.3bn. The three made up the busiest day in European takeovers since Glencore's $45bn bid for Xstrata in February.
First quarter deals total €7.6bn
IRISH deals totalling €7.6bn were made in the first three months of this year after Japanese conglomerate Sumitomo agreed to buy RBS Aviation Capital for €5.47bn. That first quarter figure was more than four times the amount recorded in the same quarter last year. Irish deals also comprised a much larger percentage of the overall European total than in the same quarter last year. The statistics are contained in the latest mergers and acquisitions report from Experion, the global information services firm.
. It lists the biggest completed Irish deal of the quarter as the disposal of the Woolgate Exchange building in London which was acquired from D2 Private by Permodalan Nasional Bhd for €323m. Davy Corporate Finance proved to be the most active financial advisor with five transactions under its belt for the three month period while A&L Goodbody topped the league for legal assists with five transactions.