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Weekly Roundup, March 28, 2017

Published on Mar 28 2017 10:30 AM

Weekly Roundup, March 28, 2017

CapVest, the private equity firm founded by Cavan man Seamus Fitzpatrick, has agreed to buy Karro Food Group. Karro Food Group is a British pork supplier operating in Tyrone as well as other UK locations. CapVest set up Valeo Foods in 2010, which owns a number of major Irish food brands.

Contactless payments use has tripled since this time last year. According to Visa, over 3 million contactless payments are conducted a week. The increase of payment threshold from €15 to €30 is thought to be a contributor.

Minister for Agriculture, Food and the Marine Michael Creed has expressed concern about Brexit negotiations over fishing. “We’re worried about the survival of the industry”, Creed said in an interview in Brussels. “The industry would be decimated if we don’t get the proper outcome from Brexit.” The UK is prepared to block an area between six to 12 nautical miles from its shores if talks break down, according to The Times in London.

Ulster Bank has announced plans to close 22 branches across the country. The branches received an average of 30 daily visits each, and the closures will create 220 job losses. Ulster Bank has admitted that some customers will be adversely impacted as it moves more to digital banking.

Tesco UK has scrapped more than half its Heineken beer and cider range, including Sol, Tiger and Amstel. The decision comes as a result of the pound’s decline and the effects of the Brexit decision on exchange rates.

Revenue officers seized almost 1,250 litres of undeclared alcohol last week. Acting on intelligence, the officers searched a container in Dublin Port, finding 1,084 litres of wine and 164 litres of beer with an estimated retail value of €15,500. This represents a potential loss to the Exchequer of more than €7,500.

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