Monday 20 November 2017

Wetherspoon adds pub

UK PUB chain JD Wetherspoon has bought a cafe in Cork, which will soon be transformed into its second pub in the Republic of Ireland. The Watford-based company has purchased the former Newport Cafe in Paul Street Plaza, Cork. Wetherspoon said it will invest €1.5m into developing the pub. The site, which is currently shut, will require both planning and licensing permission.

This is its second Irish purchase; just weeks ago it acquired Tonic Bar in Blackrock, Dublin. Wetherspoon, which owns more than 900 pubs in the UK, aims to have both open by April. Founder and chairman Tim Martin confirmed the company is looking at other sites throughout the Republic, "and hopefully they will come to fruition in the near future".

NEW DATA CENTRE JOBS

Up to 300 jobs are to be created through spin-off companies from the establishment of a new national data analytics research centre. Four universities, 30 firms and 200 researchers will unite for Insight, an €88m research centre headed by Science Foundation Ireland (SFI).

It will receive funding of €58m from the Department of Jobs, Enterprise and Innovation through SFI, with €30m from the 30 companies, ranging from small Irish start-ups to established SMEs and large multinationals.

$3BN BOMBARDIER DEAL

Canadian aviation company Bombardier said that American Airlines will buy 30 of its CRJ900 NextGen aircraft and has also taken options on an additional 40 planes.

The company said based on the list price for the CRJ900 NextGen aircraft, the firm order contract was valued at about $1.42bn (€1.03bn) and might increase to about $3.38bn if the 40 options are converted into firm orders. American Airlines said the more fuel-efficient aircraft would allow the airline to lower costs by replacing older aircraft.

HILTON SHARES RISE 7PC

Shares of Hilton Worldwide Holdings Inc (HLT.N), the world's largest hotel operator, rose 7pc in their New York Stock Exchange debut. The shares opened at $21.30 after Blackstone Group raised more than $2.3bn in the year's second-biggest IPO.

The shares were priced at $20 Wednesday night, within the expected range of $18 to $21. Hilton and existing shareholders sold 117.6 million shares in the IPO. Blackstone took Hilton private in 2007 for $26.7bn, including debt, in one of the largest leveraged buyouts before the 2008 global financial crisis.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Also in Business