Kingspan faces potential fines while Revenue secures €750m in settlements

The best news, analysis and comment from The Irish Times business desk

Insulation giant Kingspan intentionally or negligently misled competition regulators during their investigation of its now-abandoned bid for Slovenian rival Trimo, the European Commission alleged on Tuesday, leaving the Irish group open to potential fines of 1 per cent of worldwide sales. Barry O’Halloran reports that the Cavan-based group said it did not agree with the preliminary findings.

Almost €750 million was paid last year to Revenue in unpublished tax settlements, with more than €200 million of that linked to the finance and insurance industries, Ken Foxe writes. The 20 largest settlements among 57,873 cases covered by the data settled for an average of €19.2 million.

US banking giant Citigroup has informed staff in Dublin of plans to cut jobs, with a total of 168 Irish roles at risk as part of a global cost-cutting initiative. The bank says Dublin, where it employs close to 3,000 people will continue to play an important role in its global network. Joe Brennan and Ian Curran report.

Developers Paddy McKillen jnr and Matt Ryan have instructed CBRE to find a buyer for three of their Press Up group’s best-known Dublin pubs. Ronald Quinlan reports that they are seeking €13.5 million for Ashton’s in Clonskeagh, Thomas Rody Maher’s (formerly Larry Murphy’s) on Baggot Street and the Foxhunter in Lucan, Co Dublin.


Another well-known publican, Charlie Chawke, is facing opposition in his plan for a funeral home business close to his Goat Bar and Grill in Goatstown, south Dublin. Gordon Deegan reports that Fanagans Funeral Directors, which has premises in nearby Dundrum, has objected to his plans to change the use of the ground floor of a former Paddy Power betting outlet opposite the pub to a funeral home.

Online insurance broker Quote Devil sent sensitive personal details of more than 2,000 of its customers to other customers in error as their policy renewal dates approached, the company has acknowledged. Conor Pope has the details.

About 70 per cent of international banking and investment firms expect to grow their Irish operations this year, according to the Federation of International banks in Ireland, but significant numbers say they are facing challenges attracting staff and with new regulatory requirements. Colin Gleeson has the details.

In Money Matters, Australian Brianna Parkins has some money advice for the thousands of young Irish people looking for head there for a working holiday.

Ibec claims Ireland’s hospitality and entertainment sectors require a long-term strategy to help businesses grapple with rising costs and skills shortages, writes Ian Curran.

Meanwhile, a former Supermac’s area manager claims he was stripped of duties, ostracised by senior colleagues and ultimately demoted over a disagreement with owner, Pat McDonagh, about an alleged practice of withholding pay from staff during the first Covid-19 lockdown in 2020, the Workplace Relations Commission has heard.

Ikea is opening another plan and order site, this time in Sligo’s Canopy Shopping Centre, bringing to 10 the number of such stores it now has around the State.

US prosecutors on Monday sought to portray Irish-born tech entrepreneur Mike Lynch as “a controlling, dominating, intimidating boss” and “the driving force behind a massive fraud”, as the trial over the sale of his Autonomy business to Hewlett Packard more than a decade ago got under way in San Francisco.

Finally, with more than 1,000 homes scheduled for completion and occupation by next year at Kilcarbery Grange in Clondalkin, the sale of the scheme’s new, purpose-built creche facility for around €1.5 million should prove attractive to both investors and childcare operators, writes Ronald Quinlan

Stay up to date with all our business news: sign up to our Business Today daily email news digest. If you’d like to read more about the issues that affect your finances try signing up to On the Money, the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.