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West fares best as corporate insolvencies show 21 per cent decrease year-on-year

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Total corporate insolvencies for the first eight months of 2013 stands at 920 – a 21% drop when compared to last years’ total of 1,170 – according to the latest statistics published by www.InsolvencyJournal.ie,.

Total Company failures for the month of August this year stand at 108 compared to 126 in August last year, a drop of 14%.

Regionally, Leinster accounted for 60% of the 108 overall monthly total, with Dublin making up for 52% of all Leinster business failures. Munster followed with 31% of the overall total. Ulster and Connacht were the provinces least affected.

There was some good news for the construction sector, which has seen a 17% year on year drop in corporate insolvencies – from 282 construction business failures for the first eight months of 2012 compared to 234 recorded so far this year.

There were a total of 35 construction related business failures in August this year, up 14% compared to August 2012.

However, according to research from Ulster Bank, the construction sector saw tentative signs of recovery in July with new orders up for the first time in 19 months and house building edging back into positive territory.

The Ulster Bank Construction Purchasing Managers’ Index – a seasonally adjusted index designed to track changes in total construction activity – remained below the 50.0 no-change mark in July, but rose sharply to 47.5 from 43.4 in the previous month. This signalled a marked easing in the rate of decline in activity, with the latest fall the slowest since December 2011.

There was also some good news for the manufacturing sector which experienced a significant drop from 16 insolvencies recorded in August 2012 to 5 business failures in August 2013.

In addition data published by the Central Statistics Office, showed production in the industrial sector had grown by 1.2 per cent in July compared to June – meaning a year-on-year increase of 6.4 per cent.

Retail corporate insolvencies so far this year stand at 133, a 10% drop compared to the 149 recorded during the same period last year. Despite this positive year on year comparison, the overall KBC Ireland/ESRI Consumer Sentiment Index decreased to 68.2 in July, from 70.6 in June.

The motor industry has seen steady improvement with a 50% reduction in level of business failures from May to August this year. More than 11,500 new cars were sold in July following the introduction of the new 132 plate.

 

Connacht Tribune

Supermac voted All-Ireland PR champ for 2020

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Pat McDonagh: marketing award.

Pat McDonagh, head of the Supermac’s chain of family restaurants, has been named the All Ireland Marketing Champion of 2020.

The award was created by the Marketing Institute of Ireland to highlight the achievements of individuals who have made an exceptional contribution to business, who have demonstrated leadership, vision and skill and in particular whose customer and market focus have been central to their success.

With more than 100 restaurants throughout the country, Supermac’s employs over 4,000 people nationally and has helped to establish up to 60 self-employed franchisees in their own successful businesses.

The current climate means that the consumer is looking for more online and contactless ways of engaging with service providers. Supermac’s has developed its own in-house online platform to meet those needs and has order online messaging at the core of all its key marketing campaigns. Digital marketing has been a key area of focus over the past few years along with using well known sports personalities and influencers.

Some of the brand’s most publicised marketing efforts include taking out a large billboard in Times Square in 2016 which was picked up by global media as a small Irish business punching above its weight.

Furthermore, Supermac’s ‘No Clowning Around’ humorous dig at a competitor in the height of a legal battle also resulted in widespread attention.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

NWRA calls for ‘regional investment accelerator’ to distribute funding

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Chairperson of the Northern and Western Regional Assembly, David Maxwell

The Northern and Western Regional Assembly has called for a dedicated ‘investment accelerator’ to be set up to distribute Government and EU regional development funds – in an effort to address an imbalance.

The Government is about to decide how to spend the €1.2 billion pot of EU Cohesion Funds for the period 2021 to 2027 with €350 million allocated for the Northern and Western Region.

The NWRA wants the Government to give local bodies more control over how the 2021 to 2027 funds are spent – it suggests replicating a model that has been successfully rolled out in the Cornwall region of England.

This week, it launched a campaign called ‘Let’s Be More’ to address inequality and economic decline in the region.

The NWRA believes the region can do more with funding by:

  • Being allowed to make more localised investment decisions using a new instrument called an Integrated Territorial Investment (ITI)
  • Encouraging more action’ to stimulate research and innovation
  • Doing more to facilitate local industrial transition and entrepreneurship
  • Offering more SME supports and funds for urban rural regeneration.
  • Funding more climate-friendly innovations

For more, read this week’s Connacht Tribune.

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The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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Connacht Tribune

CitySwift announces 50 new jobs for city as part of its major expansion

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Minister Hildegarde Naughton at the CitySwift jobs announcement with Brian O'Rourke and Alan Farrelly of CitySwift.

A Galway company, which produces cutting-edge technology to optimize the public transport experience for operators and customers alike, this week announced 50 new jobs over the next two years.

CitySwift, the transport data company which works with global players such as Go Ahead and National Express to transform the operations and passenger experience of public transport, announced the jobs for over the next two years – with 15 roles to be filled immediately.

The announcement comes after CitySwift secured €2m in funding from existing investors Enterprise Ireland, Western Development Commission, ACT Venture Capital, Irelandia Investment, and Mike McGearty.

The new roles will be across software, data science, and commercial roles including customer success, sales, and marketing.

As part of the rapid growth, CitySwift will also be moving to a bigger headquarters in Galway city centre.

Junior Transport Minister Hildegarde Naughton welcomed the jobs announcement.

“Growth of this scale for a local company, especially during these times, is remarkable,” she said.

For more, read this week’s Connacht Tribune.

Get the Connacht Tribune Live app

The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.

 

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