Ulster Business November 2023 by Ulster Business

NOVEMBER 2023 Price £2.30 (€2.60)

Marking 200 years as an industry leader Danske Bank’s executive directors look ahead to a pivotal year and playing its part in growing our economy IN FOCUS

Why Newry’s Two Stacks whiskey is one to watch

FEATURE

How new EU rules could mean big costs for business

Contents 06 News The latest news and exclusives from across the world of Northern Ireland business

49 Exports & international business

84 Photocall

Red, green and ‘not for EU’...

A look at what’s been happening across Northern Ireland over the last few weeks

18 Cover story

57 Corporate law

92 Review

Danske Bank’s executive directors on marking 200 years at the heart of our economy

Corporate deals: will there be a slowdown or an upward trajectory in 2024?

John Mulgrew gets hands on with Tudor’s already perfect slimmed down Black Bay

22 In Focus

67 Staff & workplace

94 Travel

John Mulgrew looks at why Newry’s Two Stacks is helping lead the way with whiskey

What our firms are doing to make sure they retain staff and keep their workforces happy

Chrissie Russell embarks on a Scandinavian and Baltic cruise trip to explore some hidden gems

39 Hospitality, food & drink

77 Motoring

96 Technology

We take a look at two new Belfast casual food spots to see if they cut the mustard

Pat Burns gets behind the wheel of two very different yet nippy hot hatches

The new iPhone 15: are the new top models worth the upgrade?

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EDITOR’S COMMENTS

Loss of a true news industry stalwart

ou always remember the people who helped you the most early on in life, or your career.

I’d arrived at the Irish News almost 14 years ago as a keen, yet green cub reporter. I’d little idea how a busy newsroom operated, who did what, and the dynamics of being a journalist for a leading daily paper. There were lots of people there, and subsequently in the Belfast Telegraph, who were mentors along the way, but someone that left a lasting impression was the late Hugh Russell. I’d not seen him in years and he wasn’t someone I kept in touch with as I progressed my career, but he was one of the first people to give me guidance when out

on the first job or two, the odd interesting anecdote about the industry, working as a photographer during the worst of the Troubles, or just chatting. It didn’t take me long to realise, aside from his skills behind the lens, he was also a champion boxer and Olympic medallist. His recent passing was a huge blow to his colleagues and those whom he had met over the years, and my thoughts are with his friends and family. Welcome to the November edition of Ulster Business. Two hundred years in business is certainly a marker to celebrate, and this month I sit down with the executive directors of Danske

Bank about its key anniversary and its role at the heart of the Northern Ireland economy. I also speak to Shane McCarthy of Two Stacks whiskey. There’s a very interesting story in there about a blender and bonder business doing things which few others in the industry are. We also take a look at the real impact of the new regulations on ‘not for EU’ labelling. One NI food firm with GB operations says it’s going to have to spend hundreds of thousands to deal with the rules when sending produce back here to us. Enjoy this edition of the magazine and we’ll catch up soon. ■ John Mulgrew

Publisher Ulster Business c/o Mediahuis UK Ltd Belfast Telegraph House, 33 Clarendon Road, Clarendon Dock, Belfast BT1 3BG

Editor John Mulgrew

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Graphic design Susan McClean, Mediahuis Ireland Design Studio

www.ulsterbusiness.com

Advertising Judith Martin, j.martin@mediahuis.co.uk

Cover photo Elaine Hill

@ulsterbusiness

Ulster Business Magazine

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NOVEMBER 2023

NEWS

A month in numbers

550

By John Mulgrew

The number of new jobs being created here by pharma giant Almac.

45.9

The PMI for Northern Ireland in September which saw a contraction in output, where 50 means no change.

200

The number of years Danske Bank will be in business next year.

£1.8bn Poultry giant Moy Park’s latest results which show a big jump in turnover, once again making it our biggest business.

Newry whiskey business ‘aiming to hit £15m in sales’

Shane McCarthy and co-owner Donal McLynn

hiskey bonder and blender Two Stacks says it hopes to hit £15m in sales in the next three years, Ulster Business can reveal. The Newry-based business, run by cofounders Shane McCarthy, Liam Brogan and Donal McLynn, produces a range of innovative whiskies across its bottle range, but is also driving sales thanks to its Dram in a Can range. It produces 100ml cans of blended, single malt or the odd cask strength offering with the diminutive convenience of an aluminium vessel. “We are only in our second year, we want to see ourselves surpassing £10m to £15m in the next three years,” Shane told Ulster Business. “That’s what we have laid out. There are

always market dynamics and you don’t know how things are going to play out. For us, it is trying to grow in a sustainable manner and not overdo it.” The team created the eponymous Dram in a Can product amid the pandemic. It’s something which hadn’t been done here up until this point, and wasn’t just a risk in terms of testing market appetite, but took significantly time in development. “We looked at the idea of putting straight whiskey into a can – 100ml cans,” Shane says. Shane says the business has sold more than 100,000 bottles and its Dram in a Can outsells the bottle range by around three to four times. “In Europe, most go as low as 150ml. That’s too much to give someone. We looked at the miniature bottle – which was invented here. That was 71ml. It’s been a huge success for brands such as Powers. “We thought a 100ml can would be more applicable and we found a manufacturer in Asia to produce them. We spent a lot of time with branding and then had it trademarked. In 2020 we launched it into the US. “In two years we have sold well over a million units of these cans – on a consumer basis it would be difficult to sell a million bottles of whiskey.” Following the launch of the blend, Two Stacks followed with a single malt, single pot still and its double Irish cream in a can. And it’s now landed a major deal with supermarket giant Tesco. “It’s been going very well so far,” Shane says. And it’s the Irish cream liqueur in a can which proving the biggest hit with customers so far. Read the interview on page 22-24

NEWS

Almac creating 550 new NI jobs

harm giant Almac is creating 550 new jobs in Northern Ireland as part of an £80m expansion plan, it has been announced. The plans include the construction of new manufacturing, production and diagnostic laboratory facilities at its global headquarters in Craigavon. Almac Group is now a business boasting a turnover of £840m and pre-tax profits of £96.7m – it came in at the number seven spot in this year’s Ulster Business Top 100 list. The firm says the latest announcement is part of an overall expansion which will see around 1,000 jobs created in Northern Ireland over the next three years. Almac has gone on to expand and become a world leader in pharma with a global workforce over 7,000 people. The expansion is part of a global investment programme announced by the group in 2022, and will drive the growth of the Almac Pharma Services and Almac Diagnostic Services business units. “Almac is committed to re-investing all our profit back into the

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Jeremy Fitch, Invest NI and Alan Armstrong, Almac

business,” Alan Armstrong, chief executive of Almac Group, said. The group remains one of the giants of industry here in Northern Ireland. The latest plans have been supported by Invest NI. “Almac’s commitment to innovation and excellence has positioned it as a cornerstone of our region’s life and health sciences success story and supported it to build a world-renowned reputation for groundbreaking work in the global pharmaceutical industry,” Jeremy Fitch, executive director of business growth group, Invest NI, said.

NEWS

Firms forking out for equipment to meet EU rules By John Mulgrew

irms are being forced to fork out hundreds of thousands of pounds for machinery to meet new EU labelling rules here, Ulster Business can reveal. One major Northern Ireland food producer, which has operations in GB, says it will have to invest in new equipment in order to meet the ‘not for EU’ labelling for products coming from GB into NI. From the start of this month, businesses are required to use such labels on all meat and on some dairy products moved to Northern Ireland. “The individual labelling requirements came in on October 1, and that’s for all meat and some dairy products,” Matt Clark, partner, customs and excise, BDO GB, told Ulster Business. Professional services firm BDO hosted a range of firms and experts to discuss the challenges and issues around the recent measures in place to deal with the Windsor Framework – including the new green and red lanes by which goods are brought into Northern Ireland. Among those challenges are a lack of communication and support from GB importers and exporters, along with confused messaging. “By October 2024, it’s the remainder of the dairy products… a year later, you’ll have things like composite products, such as a ready meal, for example,” he said. “We have one [client] which said it would take several hundred thousand to install a

Quotes of the month

Firms could have to fork out thousands for new equipment to meet EU rules

machine on the bottling plant which would put the label on for each individual run. “That’s something they are going to have to do – they are either going to have to bite the bullet and say ‘we’ve got to put a labelling machine in to meet the requirements of the production run’ and, in the meantime, because the requirements have come in they’re going to have to use some sort of sticky gun to put them on.” He says many of the firms are facing “inconsistent” information and messaging around what they should be doing to meet the new requirements. Lorraine Nelson is a tax partner at BDO. “There are the red and green lanes and people are confused as to which lane they

should be using,” she said. “[After hearing from businesses] our consensus is if you want dual access to the GB and European market, you need to go through the red lane. “One of the key themes was around the communication with your supply chain. “This has been [experienced] by a lot of our clients across manufacturing and foods – if they are looking to buy stuff from GB, the GB supplier is saying ‘if you want us to supply you, you figure out how this should get to you’. “If they want to sell to GB customers the customer in GB is saying, ‘you sort it out and you deal with it’.” Read the full feature on page 49-52

“[There have been a] number of deals this year with an international aspect, particularly on the buyer side.”

“Northern Ireland’s economic malaise during the summer months continued into the autumn with a further loss of momentum.”

Carson McDowell’s Neasa Quigley speaking in this edition of Ulster Business.

Ulster Bank’s Richard Ramsey speaking about the latest PMI report.

“We are only in our second year, we want to see ourselves surpassing £10m to £15m in the next three years... that’s what we have laid out.” Two Stacks’ Shane McCarthy on its ambitious plans.

NEWS Moy park president Chris Kirke

Chicken giant Moy Park back on top as Northern Ireland’s biggest business

hicken giant Moy Park has posted sales of more than £1.8bn as it grows its position as Northern Ireland’s biggest business. But the poultry processor saw pre-tax profits reduce to more than a third of a previous recent

NOVEMBER 2023

high of £82m in 2020, falling to £25.6m. The firm, which employs almost 9,300 – the majority of which are based in the UK and Ireland – saw overall turnover rising by just over £300m in the space of a year, according to accounts for Moy Park Limited.

Moy Park, which is headed by president Chris Kirke, said its overall performance during the year was impacted by “high cost inflation which affected the whole of the poultry industry”. But it said that “unrelenting focus” on costs, customer relationships and a “culture of constant innovation” mitigated some of those challenges. “Moy Park remained profitable in 2022 despite a year of unprecedented cost increases in feed, utilities, and labour,” it said. Its headcount reduced slightly over the last year, falling from 9,657 to 9,296. “Moy Park’s trading models and customer negotiations, together with the recovery of the food service segment partially offset some of these costs,” it said in its latest accounts. Moy Park was knocked off the top spot in the latest Ulster Business Top 100 Northern Ireland Companies list for 2023, in association with KPMG, with W&R Barnett taking the number one position. But the latest accounts would put the firm back on top.

NEWS

Former KFC tycoon buys city centre building By John Mulgrew

x-KFC tycoon Michael Herbert has bought and rebranded a major office and retail building in the heart of Belfast city centre. The businessman and developer has completed the purchase of the Fountain Centre for an undisclosed sum through his company, Herbert Corporate Holdings. The building has now be rebranded as Lesley Fountain Centre, in tribute, like many of the entrepreneur’s other commercial and residential developments, to Mr Herbert’s wife and business partner, Lesley Herbert. The Fountain Centre was previously owned and developed by the Fitzpatrick family, owners of The Irish News and Q Radio. The IntoMedia Group, which includes The Irish News, Q Radio and Interpress, moved into newly revamped offices at the Fountain Centre earlier this year, after selling off its former Donegall Street base, which it called home for almost 120 years. It was sold to Ulster University for an

undisclosed amount. A spokesperson for IntoMedia said: “The Fountain Centre, where the media group is now headquartered, has been sold to Herbert Corporate Holdings. “The sale of non-core assets is part of a wider transformation and investment strategy already in place. “The company is focused on continuing to build a strong multifaceted media business that can face the future with confidence and agility.” The Fountain Centre, which was developed in the late 1970s, counts a number of businesses and retailers among its tenants, including Sawers and Caffè Nero. It also features the Alice Clock – the only automaton clock in Ireland, which chimes each hour during a working day. The building’s new owner, Michael Herbert is one of Northern Ireland’s most prominent businessmen and property developers. And it was also recently revealed he had purchased Forestside Shopping Centre in south Belfast.

Mr Herbert previously operated a network of more than 140 KFC restaurants, but sold them off in 2020. He is also a prominent property developer and bought Barry’s Amusements in Portrush. Mr Herbert’s most sizeable purchase was the 337,000 sq ft Forestside Shopping Centre, which it’s understood was sold for £42m. It features 35 ground-floor retail units, mall kiosks, and free on-site parking for more than 1,300 cars. Speaking to the BBC about his plans for the centre, Mr Herbert said that it could include “a food village” and cinema. He said it could provide 50 construction jobs and 100 full-time jobs and that he has three major restaurants currently “under offer” to come to the site. “We believe there’s plenty of future for retail. People will go to the internet, but a lot of people want to feel it, touch it, buy their groceries. They want to go for the day out, and that’s why we’re doing the food offering,” he said.

NEWS

Clearer Water new sponsor of Irish Cup

Northern Ireland water brand will become the new title sponsor for the Irish Cup for the next 10 years. Clearer Water has agreed to be the main sponsor of the Irish Football Association’s Challenge Cup. The Larne-based water company has signed a long-term partnership deal with the Irish FA and the competition will be known as the Clearer Water Irish Cup. “This is a fantastic moment for Clearer Water,” Ross Lazaroo-Hood, co-owner of Clearer Water, said. “The Irish Cup is steeped in heritage and a huge part of Northern Irish football. We’re delighted to become its title partner. “This long-term partnership will not only increase our partnership portfolio but, more importantly, it enables us to work with an organisation that supports its communities like we do and will also

Ross Lazaroo-Hood and Sitki Gelmen from Clearer Water announce the company’s long-term sponsorship of the Irish Cup alongside Stephen Bogle, head of sales and maketing at the Irish FA

connect Clearer Water to fans and their teams through this prestigious and historic football competition for the next 10 years. “We are also excited to be partnering on sustainability and product development initiatives with the Irish FA”. Stephen Bogle, head of sales and marketing at the Irish FA, said: “We’re thrilled to welcome Clearer Water as title partner of the Irish Cup. “The company’s ethos of producing water that helps people is to be celebrated and with a long term commitment in place we’re looking forward to working with the team over the coming years to raise the profile of the brand and the Clearer Water Irish Cup.”

Northern Ireland private healthcare group Kingsbridge being marketed for sale

orthern Ireland’s largest private healthcare group is being marketed for sale, it has emerged. Kingsbridge Healthcare Group operates a series of private hospitals here, including one on the Lisburn Road in Belfast, and in the Republic. Now, it’s understood the business is being put up for sale as a future option for further growth. It was first reported by The Currency, which said PwC had been appointed to try and sell the successful business. The company posted turnover £76.9m according to its latest accounts for Kingsbridge Healthcare Group Ltd, registered at Companies House in the UK, with pre-tax profits sitting at £9.1m. There are also entities registered in the Republic of Ireland, including Kingsbridge Private Hospital Sligo Limited. It’s understood staff were informed

NOVEMBER 2023

Kingsbridge Private Hospital on the Lisburn Road in Belfast

recently of growth plans by the firm. In August the group opened a £2.25m surgical facility with complementary eyecare services at its hospital in Ballykelly. Anthony McKenna, general manager at Kingsbridge Private Hospital North West, said: “This new centre of excellence has been established to meet the needs of

patients in the north west who previously had to travel greater distances to access treatment for cataracts or plastic surgery.” Aside from its presence on the Lisburn Road in Belfast the group also has a base at the newly redeveloped Kings Hall Health and Wellbeing Park. Kingsbridge and PwC did not comment.

Spirit AeroSystems in Belfast

NEWS

By John Mulgrew

Russian sanctions fuel Spirit AeroSystems’ £184m loss over contract collapse

he collapse of a major multi-million pound contract due to Russia’s war in Ukraine helped fuel a massive £184m loss at Belfast plane-making giant Spirit AeroSystems, it can be revealed.

accounts it agreed a settlement of $35m with a “key supplier to ensure continuity of supply”.

Pre-tax losses at the aerospace giant, formerly Bombardier, sat at $227m (£184m) in 2022.

It said other drivers for the loss included $23.3m for “onerous contract provisions”.

The firm, which has its main base here in east Belfast, said it continues to “face challenging cost pressures in a difficult overall aerospace context”.

Other elements driving the reported losses included operational performance, operating costs, interest and finance.

But it also attributed the loss to the impact of the war in Ukraine, in particular, a $70.3m (£57.2m) contract which it was forced to exit. “In addition to the recovery from the Covid-19 impact, the business encountered increased production rate pressures from: supply chain shortages, the highest levels of inflation in more than 40 years, and the Russian invasion of Ukraine,” it said in the latest accounts for Short Brothers plc, ending December 2022. “The key drivers of the loss in the year can be attributed to the [those] challenges. “The company recognised quantifiable contract exit costs of $70.3m in the year, directly attributable to the Russian sanctions arising from the Russo-Ukrainian war.” The firm said following the filing of the

But it said positive elements included a surge in air travel in 2022. It says volume is now “broadly in line with the post-pandemic recovery plan”. Spirit made 424 deliveries in 2022 – up from 370. It says there was also a surge in production of the Airbus A220 wings, along with increased fuselage deliveries. And it says that the firm’s long term goal will make defence and space “a more significant element” of its sales. “The year 2022 continued to be a difficult time for our industry,” a spokesperson for Spirit AeroSystems said. “As we ramped up production, the recovery from the Covid pandemic, ongoing global supply-chain challenges, significant inflationary pressure on costs and the Russian invasion of

Ukraine all impacted our performance. “We remain convinced that as the global aviation business grows, our initiatives to improve our competitiveness and reduce costs will deliver, and our ongoing expansion into defence and space will yield significant results. “In addition, our aftermarket business is performing extremely well, and we continue to invest in research and development of new technologies for more sustainable aircraft platforms.” Speaking about expanding its defence and space industries business, Spirit AeroSystems said “there has been progress made on many opportunities within this area”. “Successful research and development with multiple customers continues, and it is expected that these will come to fruition in the coming years.” The company says it is “exploring the opportunity to exploit Belfast’s capabilities within the Spirit Group and avail of cost synergies”. It also increased its headcount over the course of the year, from 2,755 staff to 3,075 in 2022. ■

RECRUITMENT

Workplace bias still stops people being their authentic selves at work By John Moore, managing director, Hays NI

was struck by a story recently about how an increasing number of people are using artificial intelligence-powered apps to create professional head and shoulders photos for their LinkedIn profiles.

This story, sparked by a TikTok trend, explained that young people are using AI apps which ask you to upload a number of selfies from different angles and from them create a new, well lit, professional photo of the person looking smart, wearing different clothing, with faultless hair and skin. Like many of the uses of AI that have made headlines over the past year, this seems harmless enough on the surface. If you don’t have money to get a professional headshot, why wouldn’t you find an app that would make you look your best? After all, lots of people use Photoshop and social media filters. But there was a bit of backlash from some people saying the AI made them look thinner, altered skin tones and defining features and made them look less like themselves. It made me think that, especially in a workplace context, this could feed into a culture where not everyone feels able to be their true selves for fear of being judged by others. In Hays’ recently published Diversity, Equity and Inclusion report our survey of over 5,300 professionals and employers found that more than a third of respondents have felt the need to hide aspects of who they at work. The report found that certain groups of people feel they cannot be their authentic selves at work more than others, including those who identify as LGBTQ+ (65%), those living with a disability (62%) and those with caring responsibilities (46%). On top of this, over half (51%) of professionals said there has been occasions where they felt their chances of being selected for a new job have been limited due to certain characteristics such as age, ethnicity, gender, nationality and disability. This was up from 39% in the same survey a year ago. The top reported factors are age (55%), followed by ethnicity (36%) and gender (26%). The research found that 34% of women feel their chances of being selected for a job have been limited due to their gender, in comparison to 12% of men. As well as this, a majority (79%) of respondents from a global ethnic majority background said they believe their chances have been limited due to their ethnicity compared to only 16% of white respondents.

When it comes to career progression, the research points out similar inequalities. Almost half of professionals (48%) said there have been occasions where they felt their chances of career progression at their current organisation have been limited because of their background or an identifying factor. How we look physically is only one element of this of course, but the AI generated photo trend is perhaps symptomatic of a wider problem that people feel they can’t be their authentic self in the workplace. Despite a growing understanding of the importance of being authentic in every aspect of our lives, it’s clear that the workplace remains a space where not everyone feels able to be their true selves, especially members of certain communities. There are still clear inequalities that remain when it comes to accessing work and career progression. If staff don’t feel they can be their true selves or encounter barriers at work due to their background or an identifying factor it’s going to have a detrimental impact on their wellbeing, and ultimately retention and company culture. Employers should focus their attention on building cultures that promote a sense of belonging and psychological safety for all. They also need to ensure that they are continuing to make steps to remove bias from hiring, development opportunities and promotion so professionals from all backgrounds can feel they have equal opportunity. The quality of a person’s LinkedIn photo – AI generated or otherwise – definitely shouldn’t matter. ■

HEALTH

Workplace education on HIV helping businesses to hit EDI goals Ahead of World AIDS Day on December 1, Northern Ireland’s only dedicated HIV charity, Positive Life, says its workplace education programme, Positive about HIV, is in demand from companies serious about their commitment to equality, diversity and inclusion (EDI)

espite dramatically changed outcomes for those diagnosed with HIV, the hangover of the stigma sparked in the early days of HIV and AIDS is hard to shake. The social and psychological impact of this outdated view is one of the biggest challenges facing those living with HIV in Northern Ireland. Jacquie Richardson, chief executive of Positive Life, says its workplace programme has attracted a lot of interest from businesses working to meet their EDI goals. “Positive about HIV is a key part of breaking down the stigma surrounding HIV,” she said. “This stigma brings with it inequality, bias and exclusion that should simply not exist in 2023, as it’s based on dramatically outdated information. “For people whose only knowledge of HIV and AIDS is based in the campaigns of the 1980s, the picture today couldn’t be more different. It is a vital part of Positive Life’s work to bring people up to speed on the success of modern drug treatment, to smash outdated perceptions of HIV, how it is transmitted and can be prevented.”

U=U: Undetectable = Untransmittable “HIV treatment today means that if someone diagnosed with HIV receives drug therapy quickly, their HIV viral load can be reduced so dramatically that it becomes undetectable,” Jacquie Richardson said. “We now promote the message U=U: Undetectable = Untransmittable. The key is: if HIV is diagnosed and effectively treated, it can’t be passed on. “This is so important in changing the

Jacquie Richardson

perception of life with HIV. Employers have a huge opportunity to break the stigma and build inclusivity by offering their staff our Positive about HIV information session in the workplace.” One of Positive Life’s core services is free, confidential HIV testing at its premises in Derryvolgie Avenue, south Belfast, where practical and emotional support is also immediately on hand. Jacquie Richardson believes the charity’s workplace education programme has valuable potential to reach young people too. “Sexual health education in Northern Ireland is seriously lacking. We do our young people an enormous disservice by not providing them with the information and education that they need to make informed decisions that are going to affect them for the rest of their lives.

“As part of the workplace sessions, we encourage employees who are parents or guardians to take the information home and share it with their young people, in an ageappropriate way. This way, parents will also feel reassured that their kids have received accurate, up to date information and can have their questions answered.” In Northern Ireland, there are around 100 new cases of HIV diagnosed every year. Positive Life is driving towards a vision where Northern Ireland could be the first region in the UK to achieve zero new diagnosis. World AIDS Day is on December 1. The Positive about HIV workplace sessions are available to businesses of any size. ■ To find out more information, or to book a session, contact Lea Dickson at Positive Life: lea@positivelifeni.com or call 02890 249268.

COVER STORY

Danske Bank: marking 200 years as an industry leader

As we head towards the end of 2023, Ulster Business caught up with Danske Bank’s executive directors, who are looking ahead to 2024 – a year when the bank will mark 200 years playing a lead role in Northern Ireland’s economy

he refurbished Custom House building in Belfast gives an ample view of some of the stalwarts of development and industry across the city – many of which Danske Bank has played a key part in supporting over the last two centuries. Still Northern Bank behind the surface, the bank has traded as Danske Bank for over a decade but has always remained a local

organisation ﬁrmly rooted in Northern Ireland. It continues to have its own locally based chief executive, executive committee and independent board. It’s now marking a huge milestone – 200 years helping both business and personal customers grow and achieve their goals right across Northern Ireland. “It’s 200 years of supporting Northern Ireland

businesses, communities and people, locally. And it’s a lovely opportunity for us to celebrate with our customers and colleagues,” Vicky Davies, Danske Bank’s chief executive, says. And as they prepare to mark 200 years as a local banking stalwart, Ulster Business caught up with the executive directors to ﬁnd out how business is going and what they are seeing across the economy.

COVER STORY

Danske Bank’s Richard Caldwell, Vicky Davies and Stephen Matchett at the Custom House building in Belfast

strong knowledge of how firms of all shapes and sizes are performing. And while she says it’s a mixed picture, many businesses are seeing opportunities and continuing to invest here. “What is obvious to me is that there are some businesses which are doing really well,” she says. “There is lots of growth potential – with many benefiting from savings they built up during the pandemic. “They are seeing opportunities out there and taking advantage. Equally, there are those for which the economic environment, political uncertainty, inflationary pressures, cost of doing business and cost of borrowing is weighing more heavily. “I believe people want to bank with somebody who’s going to be there with them for the long haul, and not going to make decisions in one direction one year, and then another in the next,” Vicky says. “The decision makers across all parts of our bank are local people who live here in Northern Ireland. This allows us to make quick decisions and we empower our teams to ensure they are well positioned to support customers with what they need, when they need it.”

We met up in Custom House in Belfast, constructed in 1854, some 30 years after Northern Bank was formed in 1824. Acquired by Straidorn Properties in 2021, the building now offers premium quality serviced office space, refurbished and modernised to the highest standards with funding support from the bank. “We bank over 50% of the Top 100 Northern Ireland businesses, and one in four of all the businesses here, so we have a great view of what’s going on in the market,” Vicky says. The bank chief is on the ground meeting businesses from across sectors, getting to know the burgeoning customer base and also gaining

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Stephen Matchett, deputy chief executive and chief financial officer, says like any business which has existed for 200 years, learning how to adapt and reflect the needs of customers and their changing needs is key. “We continue to develop the business, which is constantly evolving and changing, and we’ll continue to do so over the years ahead,” he said. Richard Caldwell, managing director, Great Britain and corporate strategy, says the directors are “custodians” of the business during their time at the helm. Highlighting their responsibility to protect and grow the business for future generations.

“Customers want surety and clarity about what the bank is going to do for them,” he said. “That’s what we pride ourselves in doing.” Of course, growing as a modern and digitally focused bank is one of the key strands in Danske’s continued success. That’s seen in not only expanding its digital solutions and offerings for personal customers, but also allowing business customers greater flexibility and customisable options to manage their finances and accounts online. Alongside strong technology, Richard says the bank’s success is largely as a result of having great people. “On the business side we have over 80 relationship managers on the ground, by far the largest business team of any local bank. In the personal banking space we have over 500 colleagues across our local branches, contact centres and mortgage teams.” When it comes to personal banking, Stephen says Danske has seen increased demand for its youth current accounts this year, with over 2,200 young people becoming customers in the past three months. “Looking across the current account range, we have a product for all life stages, which alongside excellent local customer service and our digital solutions brings together what is a really strong offering,” he says. “We also continue to see growth in digital adoption with a 25% increase in digital channel use over the last two years, and around seven million log ins being recorded each month.” That digital offering allows personal customers to not only access their finances and move money around, but also apply for loans and other products. Currently, it’s the mortgage market, and house prices in general, which remain at the fore in terms of the business news agenda. “We’ve seen interest rates rise quickly and

COVER STORY

Danske Bank’s Stephen Matchett, Vicky Davies and Richard Caldwell speak to Ulster Business editor John Mulgrew at the Custom House building in Belfast

may not see a solid level of stability until maybe late 2024,” Stephen says. Mortgage customers are currently showing a preference towards two-year fixed deals, as opposed to five-year terms that were more popular last year. Stephen says the bank sees “potential for further growth” in the mortgage space. “The key thing with mortgages is the affordability of the person buying and of course in Northern Ireland we are currently seeing very low levels of unemployment,” Richard Caldwell says. “So at the minute with higher interest rates, the mortgages that we’re writing are very robust because they are at the higher rates, which are expected to ease.” But the bank is also there for those who are struggling amid rising inflation and a tough cost of living landscape. “We are very cognisant that it is tough for people out there in terms of the cost of living,” Vicky says.

“We are being really proactive with customers who we think have a higher potential to be struggling, and we are doing a lot of direct outreach to offer them support.” And while Northern Ireland remains Danske Bank’s primary market, Richard heads up the bank’s business in the rest of the UK. “We’ve made positive in-roads into the mortgage market across the water, we also offer private banking services, alongside business lending to housing associations and to listed companies. We are growing at a steady pace, but we are very pleased with how it is going. As a UK licenced bank in a digital world, it makes sense for us to further develop within the wider UK marketplace.” Sustainability and responsible business activities are an increasingly key strand for the modern Danske Bank business. Those efforts have been further bolstered with the appointment of Vicky Davies as chair of Business in the Community for the next three years.

“It’s a huge focus, and climate action in particular is a big challenge and opportunity for us at the bank,” she says. “It’s about going green ourselves and helping our customers do the same.” Danske Bank wants to be net zero by 2030, if not sooner, and has its own Belfast based Sustainability team. Which she states business customers have found to be a great valueadd. “We have seen increased demand from local business customers who want to take part in a Climate Action programme that we codeveloped with Business in the Community,” Vicky says. “Part-funded by Danske Bank, we expect 130 of our business customers will have completed it by the end of this year. “For me, being a responsible business is at the heart of Danske Bank. For us how we do business, is as important as the business we do. And this approach will keep us on the right track for the next 200 years.” ■

The column with an ear for experience... How did you start out in your business? I got a very lucky break in winning the lottery in 1996 and, after enjoying a little of my winnings, I then got into the property business, developing commercial and residential holdings. I also set up a charity in memory of my mum and dad – primarily to help the people of Belfast. Lavery Properties was formed in 1996 and, as it continued to grow, I was looking for my next project which just happened to be whiskey. So my whiskey journey commenced with Danny Boy LLP and Titanic Whiskey. The next step was to actually distil our own whiskey and develop a new visitor attraction. The location identified was The Pump House, so negotiations began over five and a half years ago to bring the dream to reality. As if that wasn’t enough, in 2021 I wanted to put tours on the River Lagan so the next challenge was to find a suitable boat – not an easy task along with all of the other licensing that needs to take place, so another little challenge to keep me busy. In April 2023, we opened Titanic Distillers at Thompson Dock and I launched the Lady of the Lagan. What have you found the most challenging during your years of business, so far? My biggest challenge over the years has been dealing with the restoration of a heritage site which involves a number of bodies including Monuments and Heritage. The building needed to be preserved and cared for in a very empathic way. Developing the first whiskey distillery in Belfast in 90 years was indeed a challenge but with the help of others (too many to name), we achieved and preserved one of the most historic buildings in Belfast – bringing our history and the future together.

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Name: Peter Lavery Position: Director, Titanic Distillers At times it felt like it was one step forward and ten back, but I believe in constantly knocking doors. Some might open ajar, others may open wide, but you need to be persistent, relentless, accommodating and resilient to what you are facing at the time. How would you describe your management style? Crazy, mad and unconventional. My mind has so many things going on in it and when staff see me coming, they most likely go what next? I don’t think I know how to slow down. I have so many balls juggling at one time, but that keeps me always looking for the next opportunity. What would you change if you could go back and do it all again? I would love to be back in my 30s and win the lottery all over again. There are a few things I probably wouldn’t do but most of it I wouldn’t change. There have been ups and downs obviously, but I have achieved a lot. There have been some massive potholes on the on the way but you get back up and

move on as there’s more to be achieved. Have you done it all on your own? A man is not an island. You always need others to survive and succeed. My family and my business partners have helped drive the plan, and others from all other businesses in Catalyst, Titanic Quarter, Belfast Harbour Commissioners, councils, and many more bodies too many to mention. I apologise for not mentioning everyone by name, but it is through the help of everyone that I can continue on this amazing journey. How would you like your business to be remembered? As a bus driver, that’s where I started, but my legacy would be what I have given back into the community and wider tourism industry – the latest two new visitor attractions in Belfast. What piece of advice would you give to a 20-year-old you? Get a job – be happy in the job, or get another one. Work hard and save for your old age so you can enjoy your retirement. ■

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IN FOCUS

Shane McCarthy and co-owner Donal McLynn

IN FOCUS

‘We’ve sold over a million cans of whiskey… we want to reach £15m in turnover’ Two Stacks whiskey put itself on the map thanks to its innovative ‘Dram in a Can’ products, which have sold over a million units. But it’s also a leading blender and bonder with significant innovation and creativity at its heart, with its business head also heading towards ambitious sales targets of £10m to £15m. John Mulgrew speaks to co-founder Shane McCarthy

f you’ve any cognisance of how a myriad of heavily-branded and themed Irish blended whiskies hit the market, then you may roll your eyes from time to time.

While there are dozens of distilleries here, there are significantly fewer producing on a large scale. And while the branding on some of the drams here may waffle on about history, a longwinded origin story and provenance, many are filled with spirit from just a handful of big producers. It’s less about what’s in the bottle as to what’s on it. Two Stacks doesn’t distil. But it’s a very different beast to the aforementioned brand heavy varieties. It’s a bonder and blender, and quite rightly, proud of that. Shane McCarthy is a co-founder of the Newrybased Two Stacks, along with two friends Liam Brogan and Donal McLynn. From a consumer perspective, it’s put its name on the map thanks to a wholly successful and inventive Dram in a Can – a dainty little 100ml offering of blended, single malt or the odd cask strength offering with the diminutive convenience of an aluminium vessel. But it’s doing much more than that in terms of the high end and innovative drams it’s creating. “We are primarily a bottler and bonder. We don’t lay down our own distillate,” Shane McCarthy tells Ulster Business.

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“We work with other distilleries in Ireland and buy distillate, commission our own mash bills, taking into bond, and maturing in-house. “It’s a contemporary revival. A lot of distilleries would never have bonded their own product and we are one of only three independent bonders on the island at the moment. “For us, it’s about pushing the boundaries of invention, brand, design and whiskey flavour for people.”

independent bottling space and what could be done to push the boundaries,” Shane says. “Two Stacks evolved out of that. At the start of Covid we launched the brand and started the development. Some people thought we were crazy to do it in a downturn.” That saw the guys create the eponymous Dram in a Can product. It’s something which hadn’t been done here up until this point, and wasn’t just a risk in terms of testing market appetite, but took significant time in development.

Two Stacks sits within the overall Ireland Craft Beverages business, and is doing its utmost to create fairly young, fresh and bold spirits here.

“We look at the idea of putting straight whiskey into a can – 100ml cans,” Shane says.

Take the six-year-old malt and pot still blend, Polaris 1.3. This is a hefty cask strength dram which spends a final seven months in a single French Oak cask from Canada, where it was previously used to age Cabernet Franc ice wine.

When Two Stacks brought its first blended whiskies to market it landed accolades along the way, and Shane says its experience in working with canners in the world of brewing led to the Dram in a Can journey.

It’s a bold, fiery and peppery whiskey, tempered by a touch of water to take the heat off, making it incredibly drinkable, and is a dram Two Stacks also won an award for recently.

He said while he thought some whiskey “anoraks” might turn their nose up at it, the team ploughed on to scour the globe for the can requirements to make it a viable product.

“We wanted to change the scope and offer what we saw as a something different and more exciting and innovative,” Shane says.

“The real innovation is more on the measurement of the can,” Shane says.

Meanwhile, in 2019 Shane and Liam got involved with Brendan Carty at Killowen Distillery. He said global clients began asking about Irish whiskey brands and where to get them. “Irish whiskey was missing maybe the

“In Europe, most go as low as 150ml. That’s too much to give someone. We looked at the miniature bottle – which was invented here. That was 71ml. It’s been a huge success for brands such as Powers. “We thought a 100ml can this would be more applicable and we found a manufacturer in >

IN FOCUS

Asia to produce them. We spent a lot of time with branding and then had it trademarked. In 2020 we launched it into the US. “In two years we have sold well over a million units of these cans – on a consumer basis it would be difﬁcult to sell a million bottles of whiskey.” Following the launch of the blend, Two Stacks followed with a single malt, single pot still and its double Irish cream in a can. And it’s now landed a major deal with supermarket giant Tesco. “It’s been going very well so far,” Shane says. And it’s the Irish cream liqueur in a can which is proving the biggest hit with customers so far. He said the requirement for Irish cream liqueurs is just 1% of Irish whiskey, with the spirit element in some others made up of neutral grain spirit. “We pushed the maximum amount of premium whiskey,” Shane says. He said it uses a combination of cask strength, double and pot still, including whiskey with peated malt. “The reaction from the market has been incredible. I suppose when we look at it, we aren’t competing with the like of [some of the big producers]. It’s a different business. We won’t have the marketing spend or muscle and we would play very much in the luxury end of the market.” In that short space of just a handful of years, Shane says it’s now selling into 35-40 export markets and in 25 states in the US.

The Two Stacks Dram in a Can

“Our knowledge allowed us to scale up very quickly,” he said. “We manage operations and customs from Newry and have good team of experts in the space. It’s an exciting time for the whiskey industry.”

“We have two or three other distilleries lined up. We do tend to listen to the market quite a bit. Other markets love age statements – offering out to [new] markets can be great for brand building.”

Shane says the business has sold more than 100,000 bottles and its Dram in a Can outsells the bottle range by around three to four times.

Two Stacks boasts a team of inventory and cask managers and is helping to champion interesting and innovative areas of ﬁnishing, such as stone fruit brandies.

“A lot of that it is entering new markets and ensuring that the re-orders and growth are in place and not just a ﬂash in the pan,” Shane says. In terms of where it gets its spirit, Shane says it works with a number of different producers. But it’s doing much more than simply buying generic spirit. “We source a lot from Great Northern Distillery and worked to develop blends and vatting,” he says. “In the last two years we have commissioned our own mash bills and they have allowed us to take over. “We source casks then send them down to the distillery and come up with a recipe which is different and innovative.” It’s also working a distillery in Donegal, developing a revised old heritage mash bill from the 1800s, which is now maturing at its warehouse in Newry.

Shane also believes that the distillate, the recipe which makes up the spirit going into the bottle, will be increasingly important for the industry going forward, and that the particular cask ageing is not the only focus for ﬂavour and complexity. Looking ahead at where the business could end up in terms of sales, Shane says revenue is secondary to what’s actually going into the casks and bottles. “First and foremost there’s the next step of bringing out a whiskey that hasn’t been around for a century,” he says. “There are pillars to law down as to what Irish whiskey can become, the art of blending in terms of pushing boundaries.” But in terms of turnover, Shane says he wants to see the business surpassing £10m to £15m in the next three years. “We are only in our second year, we want to see ourselves surpassing £10m to £15m in the next three years,” he says. “That’s what we have laid out. There are always market dynamics and you don’t know how things are going to play out. For us, its trying to grow in a sustainable manner and not overdo it.” ■

ENERGY

Wilson Power & Energy: Growing interest in microgrids and UPS shows importance of energy independence for firms

s more companies across the UK and Ireland experience the effects of volatile energy prices and a growing emphasis on green energy, Dromore-based Wilson Power & Energy sees a continued increase in organisations exploring steps to take control of their energy costs and secure energy independence through the implementation of technologies including microgrids and UPS.

Peter Watson

A specialism of the quickly-growing company, Wilson Power & Energy are developing and installing projects which enable energy independence and business continuity for organisations across sectors including manufacturing, technology, hospitality and agriculture scaling up to 3.5MW and beyond. “Over the past months, growing political instability in oil-producing nations and the resulting volatility around energy prices globally has prompted many local organisations to think seriously about addressing their reliance on imported energy sources,” Peter Watson, owner and director of Wilson Power & Energy, says. “Simply put, bringing your energy production and consumption in-house gives companies more control and can help them save money in the long term.” In addition to their popular sustainable solutions including EV chargers and solar PV, supported by battery energy storage (BESS) solutions tailored to a site’s unique requirements, microgrids are seeing a surge in popularity for the team at Wilson Power & Energy. By incorporating renewable electricity generators like solar PV, wind turbines and onsite storage solutions, microgrids are designed as self-contained energy systems which can power a range of sites like factories, hospitals

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or data centres and enable a site to become self-sufficient and take control of energy costs. “Not only do solutions like on-site microgrids help businesses to stabilise their costs, they can also help ensure business continuity in moments of uncertain power supply,” Peter says. “Following System Operator NI (SONI)’s recent indication of a slightly higher risk to supply due to the recent closure of Kilroot power station and spotlighting of late November as the time of greatest risk, business continuity is an area of growing concern for businesses for the future.” Despite misconceptions around Northern Ireland climates, solar PV has seen a significant boost over recent months for the Wilson Power & Energy team. Commenting on the soaring popularity of its solar PV offering Peter Watson said: “In addition to being an integral part of many micro-grid projects, solar PV offers many significant benefits to companies. By investing

in solar panels, companies can expect to see a 25-40% energy savings. As a standalone investment, or working in tandem with battery energy storage, solar can be a keystone for local businesses seeking to cut energy costs and reduce carbon emissions.” Wilson Power & Energy continues to set standards locally and internationally, driven by its specialisation in renewable energy systems and commitment to innovation and sustainable practices. The team includes the only trained engineers on the Island of Ireland on the MSP brand of battery energy storage technology and carry accreditations from MCS, NICEIC, Safe Contractor, Construction online Gold and Avetta and work with brands like Schneider, MSP, Fronius, Canadian Solar and Delta Electronics, among others, with MSP being on an exclusive service partnership basis. ■ Contact the team today to begin developing a bespoke energy strategy for your business. Visit www.wilsonpowerandenergy.com or contact hello@wilsonpowerandenergy.com

BUSINESS SHOWCASE WITH ULSTER BANK

Marking 50 years as a leading local family business Hitting the five decade mark of running a successful family business is an important achievement, and Co Fermanagh’s Teemore Engineering is continuing that upward trend, alongside financial assistance from its long-term partner Ulster Bank Colin and father Victor Wilson

unning and keeping a multigenerational family business going is certainly no easy feat – especially in an economic climate which has had a multitude of heatwaves and cold spells over the last few years. But Co Fermanagh’s Teemore Engineering is having another strong year, according to managing director Colin Wilson. His father, Victor Wilson, first set up the company with friend David McMullen in 1973, and this year the agricultural engineering business is marking 50 years. Derrylin’s Teemore Engineering is now a livestock housing specialist, working with

customers and client across the UK, Ireland and even further afield. “The business started 50 years ago,” Colin says. “We started making silage and cattle trailers and then brought in other products, for example… and agricultural sheds. “My family and another friend of his started the business,” he said. “We then moved into cow comfort in 1996 and saw an opening in that market – we pushed ahead in that end of business.” He said agriculture represents around 95% of its market, with a small amount of industrial work also.

Teemore now employs more than 50 staff and Colin says that can increase when demand surges. “We would class ourselves as having three different markets – Northern Ireland, the Republic of Ireland and GB. Most of the business would be done in England, Scotland and Wales, followed by Northern Ireland and the Republic. “We do a lot of small jobs – our average job would be about £5,000 to £6,000 – and we do larger jobs which can be £100,000 to £150,000… we try to accommodate for them all.” Colin says the firm has been largely unaffected

Cormac McKervey

BUSINESS SHOWCASE WITH ULSTER BANK

Growth won’t always happen exponentially and, often, overnight success can disappear as quickly as it arrives. By taking small steps towards expansion or development, the growth trajectory can be more carefully managed and may end up having a longer-term impact.

Family firms remain a true breed apart By Cormac McKervey, senior agriculture manager, Ulster Bank

amily businesses are a breed apart. Everyday across Northern Ireland, hundreds of family firms are quietly operating, adapting, innovating, and focusing on their goal of handing the business over to the next generation.

Achieving this is no small task and I believe the wider business community has a lot to learn from these firms when it comes to emerging ready for growth. Teemore Engineering is a fine example of the kind of regenerator I am referring to. Established 50 years ago in Co Fermanagh by Victor Wilson, the business has subsequently grown into one of the largest private sector employers in this area and at the fore of design, supply and manufacture of high-quality livestock housing and handling equipment. So what is the secret? While I’m sure founder Victor and current managing director Colin Wilson may not appreciate all their secrets being given away, there are a few obvious examples of how this business has continued to flourish for over half a century which other firms can introduce and learn from.

by the impact of Brexit, but saw a boost in business thanks to the government’s Covid-19 loan support measures put in place. “One of the main helps for our business during Covid was the Bounce Back Loan Scheme,” he said. “Our business just took off to the extent that we struggled to be able to keep up with demand. “Brexit hasn’t really affected us a lot – it has left things a bit more awkward when shipping back and forward, a bit more paperwork, but I don’t think it would have impacted sales – maybe just leaving costs a bit higher.”

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The same approach might be taken when it comes to thinking about a more sustainable future. The ultimate ambition for any family business is to hand over the reins to the next generation so there is already a head start when it comes to futureproofing operations. By thinking about practical steps your firm can take to tackle climate change, you can also act as a force for positive change. Measurable targets are the most reliable way to meet climate milestones and family businesses have a wealth of knowledge and experience of planning around longer timeframes which gives them an opportunity to make longer-term decisions. Putting these targets in place is half the battle which is where our Ulster Bank Carbon Planner tool can be especially useful. By measuring and evaluating your current carbon footprint, you will be better equipped to put an action plan in place to shrink it, something I am pleased the team at Teemore Engineering has already committed to. Being more environmentally friendly can be half the battle when it comes to futureproofing an organisation but it’s certainly not the only thing to consider. By now many firms have grasped the importance of digitisation and while it can be overwhelming, those who fail to act could risk being left behind. Rather than fearing digital transformation or automation, look for the opportunities this can offer and create policies and procedures which will help you work smarter and faster and help you connect better with your customers. Lastly, it’s refreshing to see how well family businesses can communicate their passions and they can teach us a lot about retaining the ambition and energy previous generations have instilled in the organisation. If all business owners were this enthusiastic it could lead to improved morale and a team of colleagues feeling part of something special and working together to hand over the business in a better shape than they found it.

Colin says sales are continuing to remain strong and are growing.

couple of different product lines and maybe pushing them.”

“It’s been a pretty good year for us – better than last year and it was a good one.”

And Teemore has been assisted along the way alongside its banking partner Ulster Bank, which it has been with since the beginning.

And looking towards the horizon to future growth plans, Colin says “we’ll just keep on pushing with the right products and good sales people in the right areas”. “We do a small amount of export so we might look into that end of things,” he said. “It’s something we have looked at and do some [work] in, so we push it on a bit there – a

“If we need an overdraft facility, we can get it,” Colin says. “If we need leases or borrowings they always seem to be able to handle it. “[There’s also] currency exchange. We deal in dollars, euros and sterling, so we are chopping and changing money back and forwards.” ■

ECONOMY

Northern Ireland economy slump ‘caused by fall in customer demand’

fall in customer demand has been blamed on a slowdown in Northern Ireland’s private sector.

While employment levels went up, overall output and sales fell here during September, according to the latest purchasing managers’ index (PMI) from Ulster Bank. Overall, there was another slump during the month – posting an index of 45.9, where 50 means no change. Both input and output costs continued to rise during the month, however those rates are easing.

As a result, Northern Ireland’s “economic malaise during the summer months” has continued into the autumn with a further loss of momentum in the local private, according to Richard Ramsey, chief economist Northern Ireland.

“On a positive note, the one silver lining with the weakening demand cloud is that supply chain delivery times eased for the sixth month running. Employment also remains a bright spot, with Northern Ireland ﬁrms continuing to increase their stafﬁng levels at the fastest pace in the UK.”

“While all but one of the UK regions saw a similar trend of falling output, Northern Ireland was near the bottom of the table with only the North East and Yorkshire and Humberside experiencing sharper rates of decline,” he said.

But he said “the pace of hiring is now the slowest it has been this year”. “It is worth noting that the services sector also saw a reduction of its stafﬁng levels in September, indeed at the fastest rate since February 2021,” he said.

Looking at the overall contraction, according to respondents “waning customer demand was the main factor leading output to fall”.

“It is a similar story with new orders, which contracted for the fourth month in succession. In September, all four sectors reported a decline but the pace of contraction was most signiﬁcant within construction which posted its biggest monthly decline in orders this year.

“Higher fuel and wage costs were once again cited by local ﬁrms. Manufacturing was the only sector to reduce its prices in September (for the fourth month running), reﬂecting a continuing reduction in its cost-base.

“This was also evident with regards to new orders, which decreased for the fourth month running,” the report says. “A shortage of new work to replace completed projects meant that ﬁrms were able to deplete backlogs of work again.”

“Despite the recent fall in customer demand, manufacturers, retailers and ﬁrms within the services sector remain more optimistic about prospects in 12 months’ time. Conversely, construction ﬁrms are expecting demand conditions to deteriorate further over the year.

“While we may be anticipating an Indian summer in the coming weeks weather-wise, a similar improvement in business conditions during October doesn’t look likely. Similarly on the political front, there is no immediate sign of a return of the Stormont Executive.” ■

NEWS

NI construction giant sees sales rise to £540m O ne of Northern Ireland’s largest construction firms has grown sales to £540m despite ongoing market challenges around soaring costs and the war in Ukraine. Northstone (NI) Ltd saw turnover rise by 14% to £540m during 2022, while pre-tax profits sat roughly flat at £7.18m. The company is part of one of Ireland’s largest businesses and the Northern Ireland arm includes three divisions – Farrans Construction, Northstone Materials and CUBIS Systems. Northstone (NI) Ltd is a wholly owned subsidiary of CRH plc – a business employing around 79,000 people. The Northern Ireland business said the impact of the war in Ukraine and inflation saw increased costs, such as energy and materials including bitumen, along with labour. The firm also said it’s restructured its business here, with all divisions within Northstone (NI) Limited, aside from the construction arm Farrans, transferred into separate legal entities. “The financial year… saw a £68m (14%) increase in revenue, with turnover in all areas of activity up on last year,” the firm said. “The impact of the war in Ukraine and the increase in inflation has resulted in higher energy and bitumen costs together with increased materials and labour costs, which have had an impact on gross profit margin , down 1.7% on last year. “A tight control on costs, higher interest received on pension scheme assets and lower tax charge has resulted in a profit after tax of £5m, up 24.5% on 2021.”

John Wilson, chief of Northstone Group, Dominic Lavery, managing director of Farrans Construction and Darren McMillan, managing director of Northstone Materials

Looking ahead, Northstone says “market conditions continued to be challenging in 2022 but the trading year is expected to end in a positive note”. “The outlook for 2023 and 2024 will continue to be challenging due to the uncertainty around the war in Ukraine and raising inflations. “The company continues to monitor the market and government policy to mitigate risks where possible and have a healthy orderbook in key markets.” Northstone says it “aims to continuously upgrade the company’s production facilities and to continue seeking opportunities to acquire new businesses within its existing area of expertise”. Farrans, which is the main construction arm of the business, recently has launched its application process for 50 high-demand

positions on its industry leading graduate programme, Farrans Foundation, with intake dates in June and September 2024. Farrans Foundation is an award-winning, two year graduate programme which provides applicants with the necessary experience and knowledge to fast track their career in construction, quantity surveying and civil engineering. With a blend of classroom-based learning and on-site experience, this is the starting point on the journey to becoming the future leaders of Farrans. Dominic Lavery, managing director of Farrans, said: “We understand that the move from education to employment can be a big step and we want to make the experience as enjoyable as we can. Our graduate programme, which has recently been CPD Accredited by Engineers Ireland, will provide you with all of the necessary experience and knowledge you need at the start of your career.” ■

INTERVIEW

Suzanne Wylie:

sophisticated thinking is what we need now for our economy NI Chamber boss Suzanne Wylie speaks to Margaret Canning about returning here to her new business role, dealing with the ‘difficult’ moments in her City Council post and why we have to be very sophisticated about how we think about the economy in NI

uzanne Wylie spent 34 years at Belfast City Council, ending with almost eight years as chief executive.

Johnny Sexton as guest speaker in one of his first major appearances following the World Cup quarter-final defeat in France.

And following 17 months as chief of the government of Jersey, she’s now back on home turf as head of the NI Chamber.

Suzanne said: “We need to get our Executive back up and running again so we’re not just thinking about issues like skills and what’s happening with the economy in completely separate silos.

She’s succinct about its priorities. “We are here to represent members and be a coherent voice for them, and put that in front of the decision makers and policy makers.

“We need to be very sophisticated about how we think about the economy in NI.

“I want to make sure we are representative of all sectors, of all parts of NI and all sizes of business.

“Businesses have been very clear with us that they want a functional, stable, sustainablyfunded Executive. That is incredibly important.

“And the reason why that’s important is so that we understand business needs and challenges, and we understand the opportunities that are there for them.

“Not having an Executive can undermine our potential and is undermining our potential.”

“We want to create that partnership that is absolutely essential between business and policy makers so that we can make the economy thrive. “The job of the Chamber is to help our individual businesses here grow, but also make the economy of NI grow as well.” That includes becoming more outward-looking, the theme of the NI Chamber president’s annual banquet next month. Taking place at ICC Belfast on November 9, it will feature retiring Ireland rugby captain

Business is now more than two weeks beyond the landmark introduction of the green and red lane system for goods entering NI from GB under the Windsor Framework. Suzanne says she’s spoken to retail businesses affected by stage one. “There has been a pragmatic approach to this. The EU can take heart from the fact that business has worked incredibly hard to get prepared. “However, we’re keeping a very close eye on this and there’s still a lot to be worked through. “They would like to see really good, robust and

resourced structures in place so that when we go through next stages of implementations and issues start to arise, there’s a co-design of solutions. “Looking to the longer term, the protection of the single market and internal market is the ultimate goal in all of this so that unfettered access to both markets is available for businesses here. Our members see that as a positive thing.” To guard against regulatory divergence becoming a problem, the Chamber wants to see regulatory impact assessments to evaluate the impact of divergence on the framework. Suzanne also praises the mindset she’s seen among members she has visited since becoming chief executive. “I see so many businesses that are incredibly innovative, for example, some setting up their own micro power stations to provide their own energy.” As Belfast City Council chief, she helped secure the Belfast Region City Deal, intended to bring £850m in investment from central government. In her present role, she’ll get to see the benefits of that for business, including the construction of a ‘factory of the future’ in Newtownabbey. Suzanne spent nearly 18 months in Jersey as chief executive, moving to a house on the

Suzanne Wylie

INTERVIEW

“The person needs that refresh and the organisation. I was really interested and it is my ideal job. I’d spent a long time in council as chief executive working to boost the economy in the city, but also outside the city.” She was head of the council through the worst of the pandemic. It became mired in controversy over the access to Roselawn Crematorium afforded to the family of republican Bobby Storey for his cremation in June 2020. An independent view concluded that there was no evidence that the service was handled differently due to Mr Storey’s connections to Sinn Fein. Suzanne says: “The pandemic was a really difficult time… none of us had ever gone through that before. “We’d gone through things like dealing with floods and dealing with cold snaps and water shortages, but not something like this and not something where it affected every single member of society. “And we all had our own personal issues going on at the time, and that’s quite difficult, too.

island with her husband and two dogs rather than commuting there and back. “It’s great to be home and I did obviously miss NI when I was away, as you do,” she said. “But I had a real welcome back, which was brilliant to see. I obviously know the networks here, so that’s made stepping into this role much more straightforward. “I know many of the issues that we face and understand the political context. And my job in Jersey was in a political context as well.” Her role as Jersey chief was “challenging” at times. She was head of its civil service, which employs 7,000 people. The role also meant being an adviser to the Government of the Crown dependency, which is financially independent from the UK. “I’m really glad I did it. It was a real learning experience... it was a challenging role.

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“It’s challenging in a small island with a small population to run all the services to the really high standards that islanders deserve to have. “The government in Jersey is not made of political parties per se. There are some parties, and there’s certainly one growing party. But the current government is made up of individuals so they form a council of ministers. So it’s all about getting consensus. That’s also challenging.” Suzanne explains why she made what looked like a drastic move. “I guess I had been in Belfast City Council for a very long time, it was 34 years. “I’d grown up through it and I’d done lots of different jobs there. It was a really great experience because the range of jobs that council has available is pretty amazing. “But I always think there’s a time when, as chief executive, you need a refresh.

“But you know what, we got through it and we’re out the other end of it, and we didn’t stop being ambitious about what was going to come later. I have to say, the team in council were absolutely phenomenal, but it wasn’t easy for anyone.” As for the cremation controversy, “because it was all mixed up with the pandemic, it was all very difficult”. “And there was an independent investigation... I think there’s always learning from those kinds of things.” She holds herself to a high standard of leadership and says she has always done so. “I think that probably comes from working in environmental health in the past. “It was male-dominated when I came into the profession, so then working my way up through I felt I’ve always had to work harder and try harder.” ■

EURO 2028

Euro 2028: Hosting event could drum up more than £2.5bn for UK and Ireland With confirmation Northern Ireland will be part of the staging of the Euro 2028 football tournament – the biggest sporting event ever staged here – Margaret Canning takes a look at potential economic boon for us here

orthern Ireland is looking forward to a “huge economic” windfall after the news that five Euro 2028 matches will be played here, with great potential for the hotel sector to “unlock new markets, bolstering Belfast’s global profile”.

or five-star hotels, with all located no further than a 45-minute drive from the stadium.

One regional hotel group said the prospect of the event would be an incentive to make further investments.

“Hosting globally recognised events provides a remarkable platform for Northern Ireland, enabling us to showcase the region, attract a fresh influx of visitors and garner international attention,” she said.

in the city, accommodating over 10,000 guests, coupled with additional provisions in other serviced accommodations and a substantial stock of self-catering options, Belfast is wellprepared to host such prestigious events.

“Currently boasting over 5,000 hotel bedrooms

“This presents a significant opportunity for the

Consultancy firm Deloitte estimated that the tournament would bring a £2.6bn economic boost to the UK and Ireland. A spokesman for the Irish FA said: “The five associations believe the tournament will have a huge economic impact within the UK and Ireland, generating many millions of pounds for their respective economies.” In its tournament requirements for the 2024 Euros, Uefa said that 1,600 rooms would be required for its ‘target groups’ alone, including Uefa officials, broadcast staff, teams, commercial partners, members of the media and suppliers. It says 75% of the 1,600 rooms must be in four

Northern Ireland Hotels Federation chief executive Janice Gault said hosting the Euros was a “very positive development” for the industry.

The Casement Park site in west Belfast which is due to become a new stadium capable of holding 34,500 people

EURO 2028

Northern Ireland’s Callum Marshall with Michael O’Neill

entire region, with teams based both within and beyond the city, and visitors traveling between fixtures and across countries.

Other hotels planned for the city in the next few years include the Moxy Hotel, the Dean and the Mountainview in west Belfast.

“With a robust pipeline, including a new hotel opening next week and three additional properties expected to be operational by 2025, we are witnessing a substantial wave of investment.

Rajesh Rana, director of Andras Hotels, which has six hotels and serviced accommodation in Belfast, said: “Andras Hotels have plans for new hotels in the city, and the Euros will encourage us to keep investing and developing in Belfast.”

“Global events of this magnitude not only invigorate the business landscape but also unlock new markets, bolstering Belfast’s global profile.” According to a federation report, Northern Ireland has 141 hotels with 9,432 rooms. There are four five-star hotels, offering 365 rooms, and 41 four-star hotels, offering 3,920 rooms. Room2 on the corner of Queen Street and College Street will open on October 16.

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Earlier this year, the Birmingham Live news website reported that with the city likely to host five matches, it would bring £117.1m in economic benefits, according to analysis by its council, along with Deloitte and UK Sport. Gerry Lennon, chief executive of the tourism body Visit Belfast, said he was keen to work with partners to make the most of the benefits of the Euros to Belfast and the wider region.

“Sports tourism is a growth area, and with an exciting line-up of international events over the next few years, the Euros 2028 is a key event helping to provide a significant boost to the economy, positioning both Belfast and Northern Ireland on the map for future events,” he said. A Tourism NI spokesperson said the event brought “immense opportunities” to promote Northern Ireland. “We have enjoyed a lasting impact from the international events staged here over the last decade, from The Open, the Irish Open and the Giro d’Italia to UK City of Culture,” it said. “These events generated civic pride and economic benefits across the country and have improved the perception of Northern Ireland in all our key tourism markets.” ■

INTERVIEW

GoFundMe sees surge of campaigns as people struggle with cost of living The chief executive of GoFundMe, Tim Cadogan, says Ireland remains the most generous country of the 19 covered by the platform, writes Adrian Weckler

oFundMe is seeing a surge in campaigns to pay electricity bills and deal with other cost of living issues, says Tim Cadogan.

He says that inflation, utility bill increases and a slew of ordinary household costs are starting to show up in people begging for help. “We have seen the cost of living flow into the requests for help,” he says. “So we’ve seen significant increases in campaigns that talk about the cost of living, heating expenses and, you know, just trying to cover basic costs.” Current campaigns include one Wexford-based person who is asking for “help towards my Electric Ireland bill as I received a notice to cut off my electricity… I have been unable to afford my waste collection and hoping to raise money to have rubbish collected from my home. I have no working washing machine or oven.” Another is from a disabled woman who says she is in danger of losing her home. “I cannot keep up with the cost of living, food, electricity and keeping pets,” she says. A Waterford-based person has a campaign looking for cash to keep up with daily living, and faces “mounting bills, €1,100 electricity

(and) no bin collection as I owe them €300”. The GoFundMe chief says that campaigns such as these are on the rise, as countries struggle to grapple with the effects of inflation and higher interest rates. However, Mr Cadogan says that Ireland remains “the most generous country in the 19 countries” covered by GoFundMe, with Ireland showing the most donations per person. He was speaking as the service passed a milestone of five million donations made in Ireland, at a cumulative value of €250m. But while countries such as the US or UK typically lean mostly on healthcare issues for fundraising campaigns, Ireland has a different priority when it comes to donations. “One of the things that’s interesting with Ireland is that the ‘community’ is the number one category, the only country as such,” he says. “So in 19 countries, Ireland is not only a standout in terms of the rate of donating per population, but also for community giving, like a local GAA event, or a community hall, or organising for someone in the community that needs help.” Health emergencies and “medical necessities”,

as Mr Cadogan describes them, are close behind. But in a number of other countries, they rank as the top issue for GoFundMe campaigns. A cursory glance through Irish fundraisers on the platform shows numerous requests for donations related to cancer treatment, motor neurone disease, brain tumours and other critical illness conditions. Does Mr Cadogan think critical health procedures being consistently among the most popular fundraisers indicate there’s something wrong with how countries such as Ireland and others look after their citizens? “We operate across a range of different markets,” says Mr Cadogan. “And those markets have different levels of centrally or government-provided healthcare. “But we see fairly consistent patterns of fundraising for costs related to medical issues. As much as the treatment itself, it’s all the ancillary costs. “When you come down to a particularly serious medical issue, there are so many costs associated with that. Like taking the time off work to recover. “Or if you run a small business and have to hire someone else to do the job while

INTERVIEW

Tim Cadogan

you recover. Even the most generous social programme might not cover some of those ancillary costs.”

How does Mr Cadogan deal with the notion that GoFundMe is an entity that profits from people’s fundraising desperation?

GoFundMe is a for-profit company, with its Dublin-based European headquarters showing a profit of over €10m on almost €50m of annual revenue.

“That’s a question that comes up,” he says. “If you raise €100, we will take out 2.9% plus 25 cents for each donation.

It charges 2.9% to those donating, which is what online payment companies charge GoFundMe. The platform then charges an extra 25c per donation for site and company maintenance and also asks for a voluntary donation.

NOVEMBER 2023

“And that’s because we use third-party financial payment processes, which is true for all businesses in the world. It’s just how the economy works, it’s tough to see how you can get it much lower. “We then ask our donors whether they would

like to voluntarily tip us. “That’s what we run the company on. It allows us to invest in the systems to run a website and an app and nine languages and 19 countries and all the infrastructure in the trust and safety in the customer service and the product, the engineering and so on. “We’re trying to create a place where people can help each other, and make that as accessible and safe and trusted as possible. “And we’re trying to make it as economically efficient as we possibly can.” ■

AWARDS

Eight new firms named among Ireland’s top managed companies

ight new firms have been named among Ireland’s top managed companies.

The businesses, which include one from Northern Ireland, were awarded the Best Managed Companies accolade at the 15th annual Best Managed Companies awards, led by Deloitte in association with Bank of Ireland. The Deloitte Best Managed Companies programme promotes and recognises excellence in Irish-owned and managed companies, considering their business performance from every perspective. Among the firms making the list this year is Lisburn-based refrigeration, commercial catering equipment and kitchen rental company Lowe Corporation. Rachel McCausland, chief executive of Lowe Corporation said: “We’re thrilled and honoured to be included in this year’s Deloitte’s Best Managed Companies awards, a recognition that underscores our relentless commitment to innovation, teamwork, and operational excellence. A heartfelt thank you to our team, clients, and partners who continue to fuel our journey towards setting new industry benchmarks. This milestone reminds us that while we have much to celebrate, the best is still yet to come.” The network of companies who hold the Best Managed title have a combined turnover of £14.7bn and provide over 53,000 jobs across a range of sectors.

Rachel McCausland of Lowe Corporation and Aisléan Nicholson, partner at Deloitte

performance at areas such as a company’s environmental, social and governance standards. “This year we’re celebrating 15 years of the BMC programme and the incredible companies that have qualified,” Aisléan Nicholson, lead partner for the Best Managed Companies Awards Programme at Deloitte in Belfast, said.

The network includes a total of 130 indigenous businesses representing 24 of the 32 counties across Ireland.

“Even though this year’s cohort faced into another challenging period, over the past 15 years we’ve seen how indigenous Irish businesses find opportunities in change. Strengthening governance and recognising the value of specialist expert advice on critical areas such as ESG were key discussion points in the coaching sessions.

The companies received recognition following a detailed judging process that evaluates the entire management team and business strategy, looking beyond financial

“We also saw companies increasingly focused on innovation. Despite the uncertainties of the past few years, the confidence of Irish and Northern Irish businesses is clear to see.”

The eight newly qualified companies are: APC Ltd (Dublin), Codex (Dublin), JJ Rhatigan & Company (Galway), Kyte Powertech (Cavan), Lowe Corporation (Antrim), Mail Metrics (Dublin), Production Equipment Europe (Galway), and Topflight Travel Group (Dublin). Nikki Canavan, head of origination and sustainability, Bank of Ireland Corporate Banking said: “Once again this year our judging team has been extremely impressed by the resilience and flexibility displayed by businesses who have successfully navigated the choppy waters of the Irish commercial landscape. “These businesses have also integrated sustainable practices into their everyday operations, embracing new challenges and deploying targeted resources as their business models evolve. I want to congratulate every one of this year’s winners, especially the eight new first-time winners, and wish them sustained success into the future.” ■

HOSPITALITY, FOOD & DRINK

Food reviews: a fresh burrito rival and a coffee chain newcomer Sponsored by

HOSPITALITY, FOOD & DRINK

Queso nachos at Tortilla

John Mulgrew pays a visit to two food spots just metres apart in Belfast city centre at Cornmarket to see how the newcomers to the casual grub scene stand up  TORTILLA We used to be a bit green with envy that big names and brands often never made their way across either the Irish Sea, or the Atlantic, to our shores. But cut to 2023 and that’s all changed. We’ve the good, the average and the sometimes awful peppering our streets in almost equal measure.

Thankfully, UK-chain Tortilla sits in the first camp. It’s opened its first location at Cornmarket in the heart of Belfast city centre.

the 1990s before spreading it across the UK and beyond. But while UK brand Tortilla isn’t reinventing the wheel, it’s still setting down the gauntlet in ensuring it takes a decent bite out of the Belfast city centre lunch market.

You’d be hard pressed to start talking about a mainstream burrito chain without bringing out the Boojum comparisons.

Inside it has a format and vibe not dissimilar to the atypical, modern casual-dining crowd. It’s bright and welcoming, a bit of wood and metal here, typography on the walls, and a touch of neon.

Of course, Boojum didn’t invent this format – chain Chipotle put it on the map in the US in

Like other spots, there are a few pennies and the odd pound which can be added on to any

HOSPITALITY, FOOD & DRINK potential burrito order. A listed large option starts at £8.20 but with the choice of beef barbacoa it comes in at £9.20, with additional little pieces of chorizo adding another quid. Tortilla appears to opt for a shorter grain rice than other nearby burrito spots, but it acts as a solid foundation of starch. The beef is superbly rich and moist, with suitable subtle elements of fat and collagen in there somewhere to ensure things don’t get dry and chewy. There’s a touch of heat from the green salsa, sweetness from the corn and the typical soothing cooling quality of sour cream and the slightly melted dairy fat from the cheese. The wrapping and unwrapping of something as hefty and unwieldy as a tortilla packed full of protein, rice and beans is an art unto itself. On this occasion we ended up with a bit of the loss of structural integrity, but I’ll say I’m at part to blame this time. Queso nachos, which come in at £7, bring forth crisp and salty tortilla chips, guacamole, a tomato and onion salsa and cheese sauce. Finely chopped fresh green jalapenos add a citrus zest and touch of background heat. It’s a more grown up accoutrement and gets a tick. An area of strength which certainly shines through is the staff – polite, helpful, warm and friendly. That’s despite a lunch rush and the odd customer who appears to be completely baffled by both the menu and how to order. On this occasion it doesn’t appear to be quite as nippy as other similar spots, but all can be forgiven thanks to the hospitality itself.

Eggs benedict at Jamaica Blue

Is this new culinary territory? It certainly is not. This is a modern populist Mexican fastfood format which has shown it’s worked for the last 20-odd years. But Tortilla doesn’t have to reinvent the wheel, especially with its location and the sort of lunch fare it’s offering the public. On a slightly sleepy Friday lunchtime in the heart of the city – as it’s one of the days which many still favour working from home where possible – Tortilla is busy. A small queue remains during most of our visit. It’s an indication that it’s working. There are certainly the elements of another successful hefty lunch offering here, especially given the established competition around the corner.

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 JAMAICA BLUE Depending on the type of food business, its geographical spread and its marketing clout, there’s often a sizeable strength in economies of scale. There’s my C in A-level economics coming through. You can have that one on the house. I’m always drawn to the independent as and when I can. The local business which is creative, slightly imperfect, doesn’t revolve around a fixed and safe menu and one which has a bit of its own identity will usually win out. It applies to the café, restaurant and the pub. That being said, there’s something to be said for rigidity, consistency and, normally, an efficient system on the right occasion. There are coffee chains which are able to >

HOSPITALITY, FOOD & DRINK

technically an eggs royale) alongside a latte and a piece of orange and almond cake to go. Staff are prompt and friendly, with a sense of efficient urgency in both taking the order and delivering it to your table. It’s a relatively quiet day, but still, a coffee arrives after a handful of minutes with the hot food shortly thereafter. It feels like a fairly well-oiled machine. The “eggs benny” as it’s billed on the menu arrives with single slice of untoasted (or lightly toasted bread as it’s hard to make out and central exterior texture) sourdough, instead of English muffin, but it’s how it’s sold to me on the menu, followed by a couple of layers of smoked salmon, spinach, two poached eggs and the requisite hollandaise, along with a few black onion seeds atop. One egg is just at that gummy yolk stage while another is just shy of being perfect – some of the egg white still having that unwelcome jiggle close to the yolk. bang out a cup of something perfectly serviceable in a few moments, which scratch that itch.

unfavourable reviews online too (along with positive ones), but, as I’ve mentioned before, take online reviews with a hefty bag of salt.

Jamaica Blue is the latest brunch and coffee chain to hit our shores – a business which has its roots in Australia, but around 20 cafes in the UK.

But this is the new spot – just off Cornmarket in the heart of the city centre and I’m going in with very much an open mind.

It styles itself as a spot creating dishes using “fresh, quality ingredients” with recipes which are “simple and uncomplicated” and has a chunky back story in regards to them chain’s name, which is derived from the Blue Mountains of Jamaica, where the business gets its beans from. I’ll be honest. I’d heard a couple of reports that weren’t entirely positive about Jamaica Blue’s first location at Forestside Shopping Centre in south Belfast. There are a fair few

In terms of atmosphere, it’s a little bit cold (part of that probably down to the newly revamped office building space which it’s moved into) and has nuances of raft of chain vibes – a mixture of wood, bare ceilings and chalkboards. Jamaica Blue’s menu is fairly atypical, but varied, when it comes the fare on offer. Eggs benedict is ubiquitous, yet hard to master, so we’ll roll the dice on this occasion (with smoked salmon instead of ham which is

Sourdough falls down a touch with a chew (and lack of apparent toasting), however the hollandaise is silky and velvety and while slightly underseasoned it actually counterbalances the salt from the salmon well without being overpowering. What does hit me is the pricing. At £13 we’re in fairly substantive territory for a chain breakfast or brunch option which certainly takes a half decent stab, but fails to leave behind many residual memories. Jamaica Blue is lacking a bit of character and identity, and feels slightly like a cut and paste collage of various other chain café and coffee shop spots. It’s pricing itself up there with some of the better known independent spots and higher-end hotels, and while it doesn’t get there, it does the job and ticks enough boxes on a flypast. ■

HOSPITALITY, FOOD & DRINK

Stephen Bogle, Ross Lazaroo-Hood and Sitki Gelmen

Clearer Water announces two 10-year agreements with the Irish Football Association

learer Water is delighted to announce it is now the new title sponsor of Northern Ireland’s premier football cup competition, and it will now be known as the Clearer Water Irish Cup. Clearer Water have also announced a second agreement with the IFA becoming the official hydration and water partners of the Northern Ireland Football Teams. The agreement covers teams at all levels including the Men’s, Women’s, and Youth teams. The Clearer Water Irish Cup The prestigious knock-out competition was inaugurated in 1881 making it the fourtholdest national cup competition in the world. Clearer Water is thrilled to be the new headline sponsor for the next 10 years. Ross Lazaroo-Hood, global chief executive, cochairman and co-owner of Clearer Water, said: “This is a fantastic moment for Clearer Water, the Irish Cup is steeped in heritage and a huge part of Northern Irish football. “This long-term partnership will not only increase our partnership portfolio but more importantly it enables us to work with an organisation that supports communities like we do and will also connect Clearer Water to

fans and their teams through this prestigious and historic football competition for the next 10 years. We are also excited to be partnering on sustainability and product development initiatives with the IFA.” Stephen Bogle, head of sales and marketing at the Irish FA, said: “We’re thrilled to welcome Clearer Water as title partner of the Irish Cup. The company’s ethos of producing water that helps people is to be celebrated and with a long-term commitment in place we’re looking forward to working with the team over the coming years” Official hydration and water partners of the Northern Ireland Football Teams Further extending their relationship with the IFA, Clearer Water will be supporting the Men’s Women’s and Youth national football teams as their hydration and water partner. The partnership will also see Clearer Water becoming exclusive water supplier to the National Football Stadium at Windsor Park in Belfast. Ross Lazaroo-Hood said: “We are delighted to be partnering with the Northern Ireland national teams for the next 10 years. It’s an unprecedented deal within sport in Northern Ireland and we wanted to commit to the future of football in this country. It’s a hugely exciting

Brad Lyons, Isaac Price and Mattew Kennady

period for the sport with the U19 men’s Euros here next year and this week’s huge announcement that Belfast will be a host city for the Euros in 2028. Stephen Bogle said: “We’re delighted to announce Clearer Water as the official water supplier to the Northern Ireland football teams and the National Football Stadium at Windsor Park. Clearer Water products will be essential to the preparation and performance of the squads, and we look forward to working closely with the Clearer Water team in the coming years.” ■ THE CLEARER GROUP Clearer Water is part of the Clearer Group a social impact company within the drinks industry. Clear Water alongside Clearer Twist offer premium ethical water and mixers. Order now at clearergrp.com/#contact-us

HOSPITALITY, FOOD & DRINK

Outwalker’s Adrian McLaughlin, Darren Cave, Jillian Vose and Sean Muldoon

Dead Rabbit crew team up with rugby star to launch whiskey A new Irish whiskey created by the co-founder of The Dead Rabbit, a former Ulster Rugby player and a hotelier is set to hit the market after three years in development, writes Flávia Gouveia

utwalker whiskey is the brainchild of entrepreneur Adrian McLaughlin and former rugby star Darren Cave, who approached Sean Muldoon and Jillian Vose, the co-founder and ex-beverage director of The Dead Rabbit, twice named the best pub in the world.

have liked to have done this with were Sean Muldoon and Jillian Vose.

what they’re doing in the world of graphic design and branding.”

“They have pedigree in the world of mixology, in the world of Irish whiskey, and their network around the best bars in the world was perfect for us”.

Mr Cave said the idea behind the whiskey was to stay loyal to the team’s Irish roots while appealing to modern audiences.

The bar was founded by Mr Muldoon and Jack McGarry, both from Ardoyne, in an 18th century townhouse in Manhattan in 2013.

Mr McLaughlin was a manager at the Merchant Hotel for six years, before going on to manage the Gibson Hotel in Dublin and the Carton House Hotel in Co Kildare.

The business partners, who met while working as barmen in Belfast’s Merchant Hotel, announced they were going their separate ways last year.

He said: “Jillian blended the whiskey and spent many, many hours tasting it with the Great Northern Distillery. [She made] many visits to just refining it and refining it”

They described the decision as a “natural development” after a decade in operation.

Outwalker is a blend of single malts aged in white burgundy casks, pot still-aged in ex-Oloroso sherry and grain-aged in virgin American oak and rye casks.

Mr McLaughlin said he was excited about the prospect of seeing Outwalker on shelves after years of hard work. “Darren and I have been in business for some time, and with my links through the Merchant Hotel, I knew that the only people I would

Mr McLaughlin said: “We took our time with it. We also took our time with the brand. “We researched the market and created a kind of a steering group with people who know

“While it’s untraditionally Irish, it is still going to be Irish,” he said. “Everyone on the team is either first or second-generation Irish, so ultimately it will be an Irish whiskey, but we felt that there was a space in the market. Ireland is changing a lot. That is what we wanted to reflect.” Irish whiskey has been growing in popularity over recent years, and Outwalker was developed to meet the huge growth in demand. Mr Muldoon said: “Outwalker was born to meet the need for a genuinely unique blend of whiskeys, something that was both a cocktail staple and good enough to sip on its own.” The whiskey will be wholly distilled, blended, aged and bottled at the Great Northern Distillery in Dundalk. ■

HOSPITALITY, FOOD & DRINK

Nightcap Event Group raises a glass to a decade in business

top Northern Ireland hospitality company, Nightcap Event Group, has celebrated its 10th successful year in business despite recent reports of a slowdown in the sector across the region. The company, which employs over 300 part and full time people, marked the occasion with a celebratory event late last month at Belfast Castle, after securing its latest contract as the drinks hospitality provider for the landmark venue. Founded in 2013 by Declan Holmes and Dean McFarland, both of whom have vast experience in the hospitality industry, Nightcap Event Group began as a mobile bartending service for private and business clients across Northern Ireland. The company has since evolved as the sector continues to change and it now offers bartending services for festivals, large corporate events and weddings, in addition to consultancy services, event management and event organisation. In March 2023, it announced the launch of its newest staffing solutions company, Nightcap Connect, which offers the hospitality sector access to part time and temporary staff for key events. Nightcap Connect has since secured contracts with a host of high-profile clients including Titanic Belfast, ICC Belfast and Waterfront Hall, and the Ulster Hall. Speaking about the latest milestone for the company, managing director, Declan Holmes, said: “Nightcap Event Group was founded on the passion that Dean and I had for creating a unique drinks’ experience for our clients. 10 years on, that passion not only remains, but has grown and so has the company. We are extremely proud to be where we are today and what we have achieved, particularly considering the challenges the hospitality sector has faced in recent years.

NOVEMBER 2023

Pictured at Nightcap Event Group’s recent 10-year birthday celebrations are Declan Holmes, Katie McKeegan, Dean McFarland, Jade Duffy and Pearse McAvoy

“I believe that our versatility and resourcefulness have been instrumental in our success; we have developed with the hospitality sector, responding to market demands and listening to our clients, providing solutions where we can, which has resulted in the expansion of our services. This saw the launch of Nightcap Connect back in March, the response to which has been incredibly positive – from both hospitality venues seeking staffing solutions to those people who are looking flexible, non-committal employment. We have some really exciting plans to extend our offering further, which will be announced later this year.” Dean McFarland, operations director, said: “To have reached 10 years of the Nightcap Event Group is an incredible achievement for Declan

and I. However, we have had many people who have supported and helped us along the way, and we are extremely grateful to them. We will continue to build Nightcap Event Group and are looking forward to seeing our ambitious plans for expansion come to fruition in the months and years ahead.” As well as its recent appointment as the hospitality provider to Belfast Castle, Nightcap Event Group has relaunched its popular ‘Nightcap Pop-up’ series, which collaborates with local venues to provide an evening of expertly curated drinks and accompanying nibbles. ■

For more information on Nightcap Event Group visit nightcapeventgroup.com

NEWS

Anne Beggs, Invest NI with Johnny O’Connell and Dr Emelina Ellis of Spectrum Life

Mental health and wellbeing business to create 60 new jobs

digital mental health and wellbeing business is creating 60 new jobs for Northern Ireland.

digital mental health and wellbeing solutions that provide full end-to-end support to users.

Spectrum.Life says it’s investing more than £4m in a new Belfast operation that will create 60 high-quality jobs by the end of 2024.

Its virtual technology platform “gives direct access to on-demand health and wellbeing specialists, counselling in over 35 languages, mental health coaching and 24/7 support”.

The Dublin-headquartered business provides health and wellbeing support to more than 3,000 organisations and over four million people across Ireland and the UK in the corporate, insurance and student sectors.

“This is an exciting time for us as we move to strengthen our presence in the UK and look to expand into markets further afield,” Spectrum.Life’s chief executive Stephen Costello, said.

The firm has received assistance from Invest NI towards the job creation.

“Our decision to establish a team in Northern Ireland was influenced by the availability of talent that will enable us to build a best-inclass team.

The investment will see Spectrum.Life expand its corporate wellness professional services team to include Northern Ireland clinical and business specialists. Around half of the jobs are already in place with “many of the appointees based outside the Belfast area”.

“We’ve worked closely with Invest NI, particularly its team in Dublin, in getting to this point. We have benefitted enormously from its insight into the Northern Ireland market including skills availability, salary, and property costs.

The company says it offers face-to-face and

“Invest NI has also facilitated key meetings

with university representatives, other investors, recruitment agencies and professional services companies to help make the set-up process as smooth as possible.” “Invest NI is working to create a strong, competitive, regionally balanced economy offering high value, skilled employment opportunities,” said Anne Beggs, Invest NI’s director of trade and investment. “Investors like Spectrum.Life perfectly fit this strategy. The company has a focus on innovation, which is at the heart of the Department for the Economy’s 10X Vision. It will be a valuable addition to our rapidly growing and internationally respected Life & Health Sciences sector as well as enhancing our reputation in professional services capability. “The high-quality jobs created by this investment will contribute over £2m to the economy in additional salaries. As well as making a positive economic impact, the investment will deliver positive societal outcomes through both services.” ■

EXPORTS & INTERNATIONAL BUSINESS

Red, green and ‘not for EU’ Sponsored by

EXPORTS & INTERNATIONAL BUSINESS Bringing in goods through the red lane could be the most common choice for exporters

The latest requirements introduced now see firms bringing certain food items from GB into Northern Ireland being marked ‘not for EU’, and that’s about to expand to the majority of things we eat and drink by 2025. But that means a cost for manufacturers who are also battling clarity around the newly introduced red and green customs lanes. John Mulgrew speaks to two experts about this swathe of new challenges

he labelling of goods coming from GB and destined for the Northern Ireland market could mean food manufacturers having to fork out hundreds of thousands of pounds for new machinery. One major Northern Ireland food producer, which has operations in GB, says it will have to invest in new equipment in order to meet the ‘not for EU’ labelling for products coming from GB into NI. From the start of last month, businesses are required to use such labels on all meat and on some dairy products moved to Northern Ireland.

“The individual labelling requirements came in on October 1, and that’s for all meat and some dairy products,” Matt Clark, partner, customs and excise, BDO GB, told Ulster Business. Professional services firm BDO hosted a range of firms and experts to discuss the challenges and issues around the recent measures in place to deal with the Windsor Framework – including the new green and red lanes by which goods are brought into Northern Ireland. Among those challenges are a lack of communication and support from GB importers and exporters, along with confused messaging.

“By October 2024, it’s the remainder of the dairy products… a year later, you’ll have things like composite products, such as a ready meal, for example,” he said. “We have one [client] which said it would take several hundred thousand to install a machine on the bottling plant which would put the label on for each individual run. “That’s something they are going to have to do – they are either going to have to bite the bullet and say ‘we’ve got to put a labelling machine in to meet the requirements of the production run’ and, in the meantime, because the requirements have come in they’re going to have to use some sort of sticky gun to put them on.” He says many of the firms are facing “inconsistent” information and messaging around what they should be doing to meet the new requirements. Lorraine Nelson is a tax partner at BDO. “There are the red and green lanes and people are confused as to which lane they should be using,” she said. “[After hearing from businesses] our consensus is if you want dual access to the GB and European market, you need to go through the red lane.

“One of the key themes was around the communication with your supply chain. “This has been [experienced] by a lot of our clients across manufacturing and foods – if they are looking to buy stuff from GB, the GB supplier is saying ‘if you want us to supply you, you figure out how this should get to you’. “If they want to sell to GB customers the customer in GB is saying, ‘you sort it out and you deal with it’. “There’s a lot being pushed on NI businesses as to what information they need to gather.

EXPORTS & INTERNATIONAL BUSINESS

“A lot of business have been told one thing and then two weeks later are being told something else.

but the goods then end up being consumed here, are finding the process of reclaiming that money complex.

remain optimistic and want to shift our focus to taking advantage of the opportunities for us and our brands.”

“A lot of people are fudging the system to just have something done.

One of those firms attending the recent BDO event in Belfast, GM Marketing (Ireland) Ltd – a distribution company operating across the UK, Ireland, Europe and beyond – says there remains a “lack of clarity around labelling, and precisely what green and red lane access will look like” for the brands it deals with.

Looking at whether the green or red lane should be the option for a business, Matt says: “Unless you know before you ship where your goods are going and what they are going to be used for, if you want that kind of that flexibility to bring them into the NI market, or the flexibility to put them into RoI or EU… we told people, you need to go through the red lane because that’s the only way for you to do the full customs declarations and requirements.

“For example, there is a lot of confusion as to whether you have to label each individual item, is it the box, the crate or the pallet?” Matt Clark said: “It’s difficult for businesses to get information on the granular detail.” He says some firms that have already paid duty in bringing goods into Northern Ireland,

NOVEMBER 2023

“Much more of this uncertainty, along with additional costs, will without out doubt lead to some of these brands making the difficult decision to exit the market here. At GM, we

“And then you’ve got that complete flexibility. >

EXPORTS & INTERNATIONAL BUSINESS

Firms could have to fork out thousands for new equipment to meet EU rules

If you want to keep them local, you can, if you want to send them into RoI, you can want to ship them into mainland Europe, you can and you’re perfectly able to do it.” He said, based on their experience, the green lane should largely be used if goods are “categorically” going to remain in Northern Ireland.

And while it’s not yet clear of the breakdown of the usage of both the red and green lanes, Lorraine says if people want flexibility, or they know 100% that goods will not leave NI, to use the red lane. “Pay the duty and just get the reclaim,” she says.

“It’s a bit more data that goes in and it’s a bit more formulaic. It’s a full customs declaration.

But Matt says there’s also HMRC guidance which says goods can be brought in under the green lane and if they end up leaving Northern Ireland, a business can then make a voluntary disclosure.

“If it’s phytosanitary goods, you’ve got to have a full export health certificate. To get an export health certificate is can take up to a week, so you have to start planning.

“If you look at the HMRC guidance, there’s a lot about, if you’re unsure, bring it in under the red lane, declare the duty and then if it does remain in NI, do a reclaim.

“If it’s meat or a certain type of dairy, you’ve got to have all that lined up to go before you go because you don’t want them to hit the border and you’re then waiting on a certificate that you can’t get your hands on.”

“Then there’s a very small paragraph on HMRC’s website which is the other way so if you bring it in under the green lane because you pretty much said there it’s going to be consumed in NI, but something happened and you ship it to RoI or the EU, you can make a voluntary disclosure to HMRC to pay that duty.”

Lorraine Nelson says: “The majority of the products people are bringing in don’t actually attract duty. A lot are zero percent. Food is the big one with large duty amounts.”

And in terms of the ‘not for EU’ labelling

requirements, that’s something which is going to get more complex in the next year or two ahead. “It’s all meats and eventually next October it will be all dairy, and then a year later in 2025, it’s pretty much all food. “It’s then the mixed products, the fish, the fruit, the vegetables, for example. “In two years’ time, pretty much all foods coming in are going to have to have that labelling requirement. “It will require all businesses within that industry to have the ability to plan production for this, for goods to go into NI which need that ‘not for EU’ label, or if it’s staying in GB, or it might go into RoI through a depot that we have in Northern Ireland. “So they’re going to have to plan out that packaging and what should be used on which stock based on where they know it’s going to end up, so their forecasting systems will have to link into their packaging systems.” ■

Andrea Kieran, director, and Katie Jackson, business manager, Aurient Ltd

NEWS

That includes a new apartment hotel development called The Regency, which opened its doors last year. It has welcomed guests including former US President Bill Clinton and his wife Hillary, ex-US Secretary of State.

£1.5m events space unveiled at high-end hospitality spot

The new venue, which has been developed by Aurient Ltd, can hold up to 60 people and says it offers a “fully adaptable layout to suit both corporate and private events”. “We are thrilled to reach this next milestone in our major regeneration of the Crescent area, which will further enhance the existing Regency hospitality offering, and firmly position Queen’s Quarter as a bustling and vibrant pocket of our city,” Andrea Kieran, director, Aurient Ltd, said.

£1.5m events and meetings venue has been unveiled as part of a major hospitality restoration project in south Belfast.

“Our work is not yet complete, and we are gearing up to commence the final stage of this regeneration project through the redevelopment of 14 and 15 Upper Crescent.

Crescent One is the latest project in the over £7m regeneration of the former Regency House building at Upper Crescent, not far from Queen’s University’s Lanyon Building.

“This third phase completes The Regency Collection by increasing our accommodation options, and introducing a food and beverage offering together with an exclusive wellness suite.”

NOVEMBER 2023

MICHAEL THOMPSON PRINT LIBRARY How is business? We have been seeing steady growth year after year, which is really encouraging, and business is going really well. It’s a bit like watching a plant grow – slow and steady, but you can definitely see progress. Our eyes are very much on the future, and we want to grow even further. We’re currently eyeing up new markets and as a business we are always thinking of new ways to improve what we offer to our customers. We recently launched an online portal that allows clients to reorder packaging they need on a regular basis, saving on lead times. How did you get started in the industry? My journey in the industry kicked off at a repro house in Belfast. That’s where I got my hands dirty and really learned the nuts and bolts of the printing game. It was there that I had the opportunity to soak up all the intricacies of the printing world, from the mechanics of the machines to the art of colour mixing. That’s where I met Geoff, who founded Print Library with me over 20 years ago. It was a solid foundation that set me on this path in the printing industry, and I’ve been riding the wave ever since, growing and learning every step of the way. Typically, who are your clients or customers? Food and drink makes up a key part of our business. We’re behind many of the eyecatching sleeves and packaging designs consumers see on supermarket shelves. In a competitive marketplace, strong packaging is vital and we love supporting leading retailers and food manufacturers to make their

Entrepreneur of the Month products pop. Spirits form another important part of our client base, creating labels and packaging that give quality local whiskey and gin a more distinct identity on shelf. We also serve the health and beauty industry, and our fingerprints are on the packaging of many skincare products, cosmetics and fragrances that consumers use every day. Do you enjoy what you do, and what in particular? I love what I do, and there are a couple of reasons for that. Firstly, our industry is exciting. It’s like a whirlwind of innovation, always changing and never standing still. You blink, and there’s a new breakthrough, a fresh technology, or a game-changing idea on the horizon. That dynamism keeps things interesting, and I love being in the thick of it. But what really gets me going is the thrill of taking on challenging ideas and turning them into reality. It’s like solving a puzzle. Whether it’s brainstorming with the team or working late to fine-tune a concept, the process of bringing a great idea to life is incredibly rewarding.

What is the most difficult part of your job? The trickiest part of the job has to be juggling production expectations while ensuring everything turns out stellar. On one hand, you’ve got clients and stakeholders expecting their projects to be completed within a certain timeframe. They’re excited to see the end result, and rightly so. On the other hand, we’re committed to delivering top-notch quality – no shortcuts allowed. Managing that delicate balance successfully requires using time, resource, and processes in such a way that we hit the high bar of quality while staying on point with deadlines. What are the challenges facing your sector and the economy in general? Like all sectors, printing and packaging has felt the impact of inflation, and the commodities we rely on are getting pricier. We’re doing our best to absorb these rising costs and not pass them onto our customers, but it is another tricky balancing act. The challenges are there, but our resilient team is always up for the challenge. I’m blessed to work with such innovative, creative, and resourceful people. Their ingenuity and hard work is key to our continued success. ■

CORPORATE LAW

Corporate deals: slowdown or an upward trajectory for 2024?

Sponsored by

CORPORATE LAW

What lies ahead for business deals in Northern Ireland in 2024 and what impact are rising interest rates, inflation and tightened lending having on M&A? Pavel Barter speaks to some of our corporate law leaders

orporate deals in Northern Ireland are taking longer to complete this year due to economic volatility although the region is on an “upward trajectory” for 2024, according to corporate lawyers.

Notable deals have been done this year – such as software group Volaris’s acquisition of Belfast’s DisplayNote Technologies, and Ulster Carpets purchase of Alternative Flooring in GB – but 2023 has been mostly hallmarked by caution. Rising inflation and increased

Neasa Quigley of Carson McDowell

interest rates, hikes in the price of energy and raw materials, and cash flow pressures, all contributed to a slowdown in M&A. “M&A activity is slightly down. But that’s comparable to two extremely strong years in 2021 and 2022, so it’s all relative,” David Rowan, head of A&L Goodbody’s corporate and M&A group in Belfast, says. Experian, the multinational data analytics company, reported a record 267 M&A transactions in Northern Ireland across 2022. In 2023 “there continues to be discussions and activity, but fewer deals are completing,” he says. “There is wider economic uncertainty in the market. There was caution around rushing into things in the first half of the year – businesses

CORPORATE LAW Chris Guy of Mills Selig

lending, is affecting deal structures though. Not only are transaction times taking longer but negotiations are drawing out on certain clauses. Gerard Armstrong from Carson McDowell reports an increase in material adverse change (MAC) clauses, in which the buyer reserves the right to walk away if circumstances of change. “[MAC clauses] used to be something you would include in your first draft and people didn’t argue too much about it. Now buyers are reserving the right to look at the wider macro-economic climate to see whether or not it’s something they want to do. I’d say there’s definitely more of a waiting game that way as well.”

wanted to see how things panned out. Access to finance and increased interest rates combined to make people uncertain.” Carson McDowell had “a number of deals this year with an international aspect, particularly on the buyer side: German, French, US trade buyers,” Neasa Quigley says. Alongside international buyers from the US and further afield who are considering attractive businesses from Northern Ireland, the province also has successful, well-run, robust local businesses that are expanding internationally. Chris Guy, managing partner and head of corporate at Mills Selig, also saw a drop “in volume and value in H1 compared to 2022. Inflation, interest rates and cost of capital are getting a bit more expensive and it gives people more pause for thought.”

NOVEMBER 2023

Corporate lawyers, however, are optimistic about the M&A pipeline for 2024. Discussions are taking place and companies are seeking avenues to buy and sell. David is cautiously optimistic. “Speaking to corporate finance advisors and people in the deal-making industry, there are signs of a return to confidence in the market. They see transactions coming down the line before legal advisers. [Corporate lawyers] tend to come in three quarters of the way through negotiations when a deal is on the table and some elements have already been thrashed out. So there seems to be growing confidence in the market and I think it’s going to reflect in increased activity in Q3 and Q4. There’s a strong pipeline pushing through into 2024.” Rising interest rates, inflation and tightened

The economic uncertainty appears to be dampening deals among some sectors more than others. Consumer-facing, B2C businesses in sectors like hospitality and retail are quieter due to cost of living pressures. Traditionally strong sectors in Northern Ireland – technology, healthcare, energy, logistics, financial services and agri-food – bode well for the year ahead. Corporate lawyers believe we will see increased activity in the technology space, particularly among business that deal with automation. The impending publication of a Renewable Electricity Support Scheme for Northern Ireland is also likely to drive investment next year. Gerard Armstrong, a partner in the Carson McDowell’s corporate finance department, says: “A lot of larger players have conducted deals that we can’t disclose yet but there is lots of activity: from some smaller level to big players. In a few months time, there will be a few big ticket marquee transactions. There remains corporate activity among construction companies and professional services.” Over the last couple of years, there have

CORPORATE LAW

found that no one buyer wants to buy a broad church of businesses. So they’re using this time to improve their portfolios.” Corporate lawyers have faith in increased M&A activity in 2024 – partly because of increased deal activity and improving market confidence towards the end of 2023, but also because of Northern Ireland’s innate durability.

David Rowan

been a handful of mega deals over £100m, but given the size of the market in Northern Ireland these will continue to be in the minority in 2024. “The reality,” says David Rowan, “is that Northern Ireland is an SME market: a mixture of trade, family businesses, succession, private equity. There are many different reasons for deals being done, but they are likely to be at the mid-market level.” NI, however, is likely to see an increasing amount of deals that involve a mix of local and international businesses. “There is a significant cross-border aspect to deals at the moment,” says Chris Guy of Mills Selig. “We do a lot of corporate work where we support and advise on the NI aspects of deals. So you’ve got international businesses that have operations here. That’s been a consistent feature for a while.” Private equity (PE) funds have been a key feature in M&A activity in NI for the past few

years, and this is set to continue in 2024, suggest some corporate lawyers. “Family businesses, SMEs, in Northern Ireland want to work with private equity whether through a minority stake or 100% acquisitions,” David Rowan of A&L Goodbody says. “As we see successful exits from those initial first movers, more businesses and other PE firms will realise what fantastic businesses we have here in Northern Ireland. Simultaneously, businesses will see how private equity can encourage significant growth. PE is a key trend that has facilitated the market here to grow and become more sophisticated.” In 2023, as deals have slowed and some businesses held fire (deciding that now may not be the right time to sell), NI has seen significant corporate restructuring activity. A few of Carson McDowell’s clients “who have large groups of diverse businesses within their stable have been using this time to reorganise,” Neasa Quigley says. “Maybe they’ve dipped their toe in the market and

“Business people here are always resilient, always adaptable,” Chris Guy says. “They adapt to conditions. I think you’ll see more deals and businesses will focus on positioning for growth and making sure they are able to weather the issues they are facing.” Neasa Quigley concurs. “Businesses here have developed true resilience and thrived,” she says. David Rowan said: “High-quality businesses in Northern Ireland will always be attractive to local and international investors, be they trade or private equity. “A good quality business in whatever sector will continue to be attractive in 2024: particularly one that has performed strongly in a difficult market. If you’re looking for a robust business, one that performs well in challenging conditions will endorse its attractiveness. So is it a good time to invest in Northern Ireland? “Definitely,” David says. “It’s always a good time to invest in Northern Ireland.” ■

What the new revamped airport could look like when completed

NEWS

£100m revamp of Belfast International Airport revealed

£100m revamp of Belfast International Airport – the biggest investment of its kind – has been revealed.

The airport will undergo a major refurbishment as part of the five-year revamp. It includes an overhaul of security, meaning liquids and large electrical items will no longer have to be removed from luggage. The investment plan, announced by operator VINCI, also includes an improved airside departure area with additional departure gates, extra seating, new shopping facilities and an extension of the retail and immigration areas. Phase one of the programme has started with demolition of the old arrivals terminal, making way for the construction of a new security building adjacent to the existing departures terminal.

local construction jobs, and is being led by Portadown firm Piperhill.

for an undisclosed sum. The French firm operates more than 70 airports in 13 countries.

It is expected the new building will be operational by June 2024, in line with a government deadline to shake-up security arrangements at UK airports.

“After the summer we will also expand and renew our commercial experience, both for duty free shops, and food and beverage as well,” Mr Notebaert said. “This £100m investment is the biggest ever in Belfast International Airport’s history,”

Operator VINCI hopes that this investment will culminate in the capacity of the airport being increased over time, with new routes added. Nicolas Notebaert, chief executive of VINCI Concessions and president of VINCI Airports, said: “We invested five years ago because we believe in the project. I met personally with all the political leaders to be sure we were all on track about growth. “I can promise you there is unanimous willingness to connect, not to be a sort of local place but to be connected to the world. It’s good for business and it’s good for people.

The £25m security facility will feature Standard 3 x-ray screening equipment, eliminating the need for passengers to remove liquids and electronics from their hand luggage at security.

“Our team is dedicated and with this investment we will have the capacity to get new people. So the future is promising. With the new financing and with dedication of the teams we will have a brand new airport starting next summer. The new security facility is only the beginning.”

The refurbishment will create around 400

VINCI acquired Belfast International in 2018

NOVEMBER 2023

Graham Keddie, the airport’s managing director, spoke about opening up new destinations from the airport. Speaking about potential new routes coming to Belfast International, Mr Keddie said: “We will always target the USA, we want to get our scheduled service back to the USA, and also the Middle East because there’s a lot of traffic going both ways out of Northern Ireland both in and out. And we need to capture that. We can’t allow it to go elsewhere”. The airport, which celebrated its 60th anniversary last month, lost its connections to New York and Boston in 2018 after Norwegian Airlines pulled out. Traffic at the airport is on track to return to pre-Covid levels. The airport saw 4.5 million passengers travel through it in the first nine months of 2023 – up 22% compared to the previous year. ■

CORPORATE LAW

Carson McDowell M&A team: Doing More. Better...

t has been another very busy year for the corporate team at Carson McDowell. Although 2022 was a record year in terms of transaction volume, 2023 is on course to be almost as busy. The M&A team is led by five partners including Richard Gray, Neasa Quigley, Gerard Armstrong, Hilary Griffith, and Paul McGuickin, whom between them have over 100 years of M&A experience. The firm’s corporate department has maintained its tier one ranking in the prestigious Legal 500 rankings for over seven years – testament to the standing of the team among peers and clients alike. The firm has been involved in many of the most significant, high-value M&A transactions to have completed in 2023. Highlights include advising on the sale of the RiverRidge group, NI’s largest waste recovery group, advising Nuada on an investment by BGF, and the sale of Spatialest to the US Schneider Geospatial group. Neasa Quigley, senior partner at Carson McDowell, said: “Despite rising inflation and increases in the cost of financing, our business community continues to be remarkably resilient. We have some extraordinary businesses here and they remain highly attractive in terms of corporate activity, whether that be M&A deals or private equity or earlier stage venture funding rounds. The level of activity within sectors such as technology, infrastructure and natural resources, financial services and agrifood remains very healthy. Despite the difficulties in the wider macroeconomic climate, the sustained levels of deal activity that we are seeing represents, we think, good reason for continued optimism in the Northern Irish M&A market.” Carson McDowell acts for more than half of

Gerard Armstrong

the Belfast Telegraph Top 100 Companies. A major factor in this is the breadth of expertise within the firm. Carson McDowell achieved more tier one rankings in the 2024 Legal 500 rankings across a greater range of practice areas than any other law firm in Northern Ireland. This reflects a consciously holistic approach by the firm to its relationship with its clients. “We work with many of the most successful companies in Northern Ireland,” Gerard Armstrong said. “Clients have plenty of choice when it comes to choosing a law firm. We do not take our relationship with our clients for granted. Our goal is to be regarded as trusted business advisers to our clients. We believe

that it is just as important for us to be able to provide strategic advice to our clients, as it is for us to provide the technical expertise that M&A transactions require. We are fortunate to have a very experienced M&A team, with an established track-record over decades of advising clients on M&A transactions. Our team understand that clients expect their advisers to offer judgment, solutions and opinions to our clients and not just technical expertise. It is our role on transactions to advise our clients on the best ways in which to achieve their strategic goals and objectives. Our depth of experience, and the breadth of expertise in specialist areas of law means that we are extremely well-placed to provide a topto-tail service to our clients.” ■

INTERVIEW

‘There can be massive savings with solar battery storage’ Anna Patterson of Encom Energy speaks to Margaret Canning about taking renewables to the mass residential market

nobtrusive and stylish aren’t the words you’d usually associate with any form of renewable energy infrastructure.

Moira One homes as incorporating “the very latest in renewables, featuring solar PV panels which will be flush to the roof, making them unobtrusive and stylish”.

But Encom Energy, a Belfast-based renewables company established by serial entrepreneur Don Patterson, is making exactly that boast.

Anna says the development has become a calling card for the company. “They’re very nice homes and it got a lot of traction with a lot of developers.

It installs renewable energy solutions including solar photovoltaic (PV) panels and battery storage at new residentials developments, though it’s also looking beyond new homes. The business, led by chief executive Lewis Clarke and compliance manager Anna Patterson, a daughter of Don, recently announced £12m in new contracts at residential developments. It will be installing panels and battery storage systems at 1,400 homes around NI. It has installed solar panels on the roofs of new homes at the Moira One development by sister company Mayfair Property Group. Anna is also marketing manager at that company. It’s also to add panels to the Hydepark development in Mallusk of around 1,200 homes over the next 10 years, as well as to another Mayfair development at Thorburn Gate in Newtownabbey. And its renewable energy systems will be installed at Terry Wood in Lurgan, a development of homes costing £274,000 to £339,700. A brochure for the development describes the

“Because we have a lot of experience with the building trade people found us a bit more reliable so those contracts for residential developments came back to back in the same couple of months.” Battery storage is another major offering from the company, Anna says. “We’ve found there’s massive savings that go along with battery storage. “How it works is that it stores your excess solar that you’ve created during the day, therefore it really optimises your system. “Solar energy needs to be used there and then once it’s generated, but if you’re not in your home all day, the energy is getting wasted and exported back to the grid, therefore you don’t get the use of it. “We’ve found that battery storage has been a real game changer and the technology has advanced so much, it’s just made such a difference to people’s paybacks.” Lewis describes the battery storage system itself as “like quite a large suitcase, and it’s normally mounted in the loft or garage or utility room”.

Many customers opt to charge the battery at night when cheaper tariffs apply. Anna says the company is in talks with another housing developer about the usage of the technology but nothing has been confirmed yet. Wider economic conditions are having an impact, with a slowdown in the housing market, she says. “There are different factors, every developer is in a different situation. “We are dealing with some developers who are building through it, whether there’s a dip in the market or not, but there are some developers who are holding off for the time being until the market picks up again, so it depends on what the developer’s financial situation is. “However, we have seen that there is still a demand for new homes in NI as we are behind target, so that is something that is very encouraging and even with some developers, some aren’t doing the solar just yet, so it does add a USP to the site and the development.” But Lewis says new developments are only one possible route to market. “We’re also doing residential properties which are being retrofitted, that’s obviously all homes are potentially upgradable to solar. “Then we are doing commercial properties – we’re seeing that grow pretty rapidly, whether it’s golf clubs, churches, transport logistics, companies, leisure centres, care homes, you name it.”

INTERVIEW

come for free, but know that investment in solar energy is going to exceed oil exploration globally, so we’re in that transition. “That investment has to come from somewhere, but the faster we move to renewable, the less reliant we are on imported oil and gas. That’s the key transition message for everyone.” Retrofitting of solar panels on homes can cost from £5,000 to £10,000 at Encom Energy. Anna acknowledges it’s a lot for households to have to spend. “There is just a real lack of finance in both sectors but we are looking at different finance options ourselves for customers to pay for this outlay.” The company has been backed by a £5m investment from Harrier Investments. Anna says: “It’s a substantial sum of money over a period of time but it’s where the world’s going at the moment.

Anna Patterson, Encom Energy, and Alan Johnston, development director at Mayfair

Anna says the divide in their work at the moment is around 60% residential and 40% commercial “but in the last few months we’ve seen a massive uptick in interest from commercial premises coming to us looking for solar, because high electricity bills are hitting commercial premises heavily.” Electric vehicle chargers can also be offered as part of its home and commercial packages, Lewis says. “As companies are incentivising employees to go down the electric path or maybe have some of their own fleet, they’ll need chargers and they might want sales people to have chargers at home.” But Northern Ireland is far from the only territory it’s interested in, Anna says, with business soon to come in Scotland. She says:

NOVEMBER 2023

“On every political agenda, renewables is the way forward and everyone’s keen on improving their green credentials. Commercial clients want to be seen to be doing their part because when they go out to tender and when they’re looking for business, they want it to be known that they are they doing their part.”

“We’re currently doing an expansion down into the south of Ireland and we’re looking at tackling that head-on.

Anna describes company founder Don (62) as “serial entrepreneur” who’s still involved in the running of the whole of the family business.

“There’s a lot of commercial grants there, and a real appetite.”

But he was drawn to renewables as a new venture, she says, setting up Encom Energy in 2021.

The company is also carrying out a research and development project on integrating its products, Lewis says. He says he is in favour of the North-South Interconnector to help maintain security of supply. But the phase of cheap electricity is over, he maintains. “I don’t think we’ll ever see cheap electricity again like we’ve seen in the past because the investment in renewables doesn’t

“My father saw a gap in the market and saw it’s where the world is going at the moment so he thought, ‘let’s jump on this and make the most of it’ within NI, and hopefully beyond.” Speaking at the time the new contracts were announced, Don said: “Since we launched in May 2021, we have seen a huge surge in interest from developers all over the UK and Ireland who wish for their new builds to be as energy efficient as possible.” ■

AWARDS

Heron Brothers walks away with top award for Templemore Baths restoration

The Heron Brothers team with hosts Sarah Travers and George Clarke

eron Brothers has walked away with the top gong at this year’s big construction awards for work on one of Belfast’s leading heritage restoration projects.

Meanwhile, Jim Henry was awarded the Lifetime Achievement gong, David Reid was named Apprentice of the Year and Maria Bradley given the award for Outstanding Contributor.

The firm won the award for the restoration of Templemore Baths in Belfast at the 2023 CEF Excellence Awards.

Mark Spence, chief executive of the Construction Employers Federation (CEFNI) said: “Templemore Baths is a worthy winner of this year’s ‘Overall Award’ and, as the judges themselves commented, the contractor’s attention to detail and contribution to the heritage value of the building was incredible.

This year’s awards, the 24th edition since they commenced in 1999, represented the biggest to date with some 26 award winners on the evening and nearly 600 in attendance at the Crowne Plaza in Belfast. The event was this year hosted by Sarah Travers and George Clarke and also saw a keynote address from the Head of the Northern Ireland Civil Service, Dr Jayne Brady. Other winners on the night included Felix O’Hare & Company for One Elmwood, Queen’s University, Belfast, Tracey Brothers for the Cardinal Newman Library refurbishment, St Mary’s University College, Belfast and Woodvale Construction for Excellence in Sustainability.

“Crucially, from a very early stage, Heron Brothers identified a major shortfall in the number of skilled conservation trade people needed to undertake the volume of work required and took it upon themselves to run courses with its own expert staff to train existing joiners, tilers and bricklayers in the skills and techniques required by conservation projects, in turn generating a massive impact in terms of social value. “In addition, the restoration saw major structural issues in the existing building come to light after work commenced. The

use of skilled conservation craftmanship was supported by the latest digital tools and software, including 3D scans and real time tagged video reporting, to enable quick decisions. This meant on time and on budget delivery of the project. “In conclusion I can only reinforce the judges’ final remarks that the completed project has given the local community ownership of a much-loved building that was almost lost but will now be the focus of the community for years to come”. And speaking about Jim Henry’s recognition winning the Lifetime Achievement award, he said: “Having left school at the tender age of 14 with no qualifications Jim is living proof that you can still make it to the top of our industry. Starting as a labourer for housebuilders he then learned many skills with McLaughlin and Harvey before starting his own business in a construction partnership. In recognition of his services to the construction industry, Jim was deeply honoured to be awarded an OBE in 1988, and subsequently a CBE in 1994. Over the years he has served on many industry bodies including the CEF, CITB and CBI.” ■

STAFF & WORKPLACE

Keeping the employees happy

STAFF & WORKPLACE

‘O

rganisational culture’s importance cannot be overstated,’ according to the online recruitment firm Indeed. It goes on to say that embracing a positive workplace culture offers numerous advantages, such as reducing staff turnover and boosting productivity. Research from Oxford University’s Business School backs up this sentiment proving that a well-cultivated culture can lead to a workforce that is 13% more productive. Social media mammoth Meta reports that “Companies with healthy cultures are 16 times more likely to retain their Generation Z employees”. But what does good workplace culture look like? Microsoft, which ranks 13th on Glassdoor’s 100 Best Places to Work List, places a strong emphasis on learning, giving, and empathy, while Netflix, also renowned for high job satisfaction, boasts an unconventional employee culture that prioritises collaboration among talented individuals, reflecting its core philosophy of “people over process”. In Northern Ireland, employers are actively reinventing their workplace cultures in response to these changing dynamics. PwC is at the top of its game in the movement. Its newly renovated Belfast office includes a dedicated wellbeing zone spanning nearly 3,000 sq ft. It also provides an app for staff to manage bookings and access seminars on a range of topics, from healthy eating to endometriosis and sleep improvement while free workouts on the app also cater to employees working from home. Kathy Maginn, corporate affairs manager at PwC, said: “When creating our new office in 2021, we knew it was imperative to provide a space that people could come to for both quiet and community. The space is a real motivator for people to come into the office.” Private rooms for therapy and physiotherapy, along with subsidised holistic treatments such

Emma Deighan looks at the DNA of workplace cultures and what some of our biggest firms, and smaller operators, are doing to make sure they retain staff and keep their workforces happy

as reflexology and massage also feature here. In Ballycastle, staff rewards are a cornerstone of the workplace culture. Connlith Magee of The Marine Hotel describes its extensive employee retention and staff development program, which includes bonuses, loyalty schemes, exclusive discounts, and various tokens of appreciation. The hotel’s management team also organises annual trips to encourage team building and relaxation. “At the end of every summer, employees are rewarded with a £500 bonus as a thank you for the hard work over the peak season,” he said. “The loyalty scheme in place rewards staff members with £100 for every year of service which is paid every two years and staff can also

avail of exclusive discounts for food and drinks at the hotel as well as receiving a bonus for booking functions for friends and family.” He highlights that the hotel’s investment in training and the promotion of career progression through off-site qualifications contribute an additional layer of excellence to its operational culture. At NIE Networks, head of HR, Paula Leathem, says it boasts comprehensive health and wellbeing initiatives, which focus on physical and psychological wellbeing. It provides a wide range of services, from spinology clinics to confidential counselling and social events like football tournaments and park runs. Paula said: “We also want employees to feel

STAFF & WORKPLACE

valued, respected and welcomed so we provide teams with a budget for team days. It helps to build rapport and team spirit among all colleagues. “Learning and development are also important both for the company and for our employees. Work should feel fulfilling so we believe in supporting people to be the best they can be. That can be through one-to-one coaching and mentoring, personal development programmes or the many qualification pathways we offer to allow our employees to train and progress in their careers. “When employees are working in positive environments where they feel supported and encouraged and have good working relations with colleagues they perform at their best so

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we see employee benefits as being not only good for the individual but for the company as a whole.” Clearbox is a PR firm values a healthy workplace culture and prioritises the little things that contribute to employee happiness. Alex Symington, a senior account manager at Clearbox said: “A healthy workplace culture develops when lots of small things that make people feel happy and welcome are combined. Clearbox values difference and diversity of thought, and one of the small ways we show this is by adding a record to our boardroom wall every time a new team member joins. There’s no Taylor Swift yet, but we do talk about her at least three times a week.

“Every Friday we have pancakes together for elevenses, and we also have a dedicated Coke Zero fridge for when the afternoon craving calls. “We’ve recently been awarded a bronze award by Diversity Mark and we ranked among the top 23% of PR agencies worldwide this summer with EcoVadis because of our policies and programmes on diversity, labour rights and sustainability. “Of course, we’ve also got incredible benefits like an ongoing trial of unlimited annual leave, personalised progression plans and external training sessions from some of the best professionals in PR and beyond, but it’s the little things we do together every day that solidify our team and make the big things a success.” >

STAFF & WORKPLACE

Sarah Balmforth, HR director at Hughes Insurance

Sarah Balmforth, HR director at Hughes Insurance, says its commitment to financial wellbeing is a big part of its culture. Hughes offers pension clinics, financial consultations, and financial well-being webinars while its ‘shine recognition’ program allows employees to nominate their peers for special recognition, reinforcing the company’s values. “At Hughes Insurance we’re committed to going above and beyond for our employees. Our core values are to act responsibly, put people first and make things better – and our action for Impact initiative has been specifically designed to support our environmental, social and corporate governance agenda (ESG) in 2023 and beyond, including commitments to community-led projects, delivering positive environmental impact and creating a positive and inclusive experience for our employees.” In 2023, it committed over £100,000 to

Action for Impact while staff are afforded two dedicated volunteer days a year to participate in activities aligned with a charity of their choice within working hours. “We’re looking forward to our teams getting behind this throughout the remainder of the year to help support their local community and initiatives they are passionate about. “Our starting goal was to undergo change with the objective being to build a better place to work for everyone and we’ve prioritised inclusivity and diversity. Within that diversity framework is being a founding partner of Women in Business’ Timely Careers – a recruitment service for women re-entering the workforce. It also offers wellbeing initiatives that focus on men’s health, menopause awareness and

mental health awareness, while its Diversity, Equity and Inclusion Council focuses on gender, disability and LGBTQ+. “We now hold best-in-class engagement scores, and best-in-industry staff retention rates – some-thing we’re really proud of. Employee feedback is fundamental to our culture. It’s such a big part of this ongoing journey so we’ve upped the frequency of employee surveys from quarterly to monthly. “This way we can monitor the staff sentiment and address any concerns in real time. It helps us to demonstrate proactive positive leadership,” Sarah says. Regardless of how a business deﬁnes good company culture and well-being, the results are undeniably worth the effort. Happy, engaged employees are more productive, and loyal, and ultimately it beneﬁts both the individual and the company as a whole. ■

Kieran Donnelly

MORROW COMMUNICATIONS How much free time do you have outside of work? Not as much as I would like sometimes but saying that I do prefer to be busy. Having recently taken up the role of managing director at Morrow Communications and with an ambitious growth plan ahead, it’s fair to say it has never been busier. I suspect free time for myself and fellow directors will be increasingly precious in the months ahead. Is it difficult separating your work and home life? It is quite difficult at times. Working in communications is fast paced and not surprisingly in today’s connected world communication never stops. At best it slows down now and again. For many clients we offer 24/7 cover to support their communications, particularly in times of difficulty or if there are issues afoot. We must be available and responsive to their needs, and we will quite often be managing media or stakeholder queries outside of normal office hours. It is fair to say that after almost 30 years in the industry it just goes with the territory. We do ensure that all our clients are supported by a strong team of advisors however, meaning we can at least spread the load and support each other as much as possible. What do you do in your spare time? My daughter Lucy and I joined the Cancer Fund for Children Carefree choir about a year and a half ago and it has been such an uplifting and fun experience. The charity has

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been such a great help to Lucy and our family over recent years and the choir has been a very positive experience for us both. It not only allows you to forget about your troubles for a while, but you meet the most amazing people who can help you navigate the difficult journey that cancer brings. As our name suggests, we don’t take ourselves too seriously, but with the help of some brilliant (and thankfully musically talented) volunteers we practice every other week and have performed at some big events already. Most recently we delivered an opening performance at a charity fundraising ball in the salubrious surroundings of the Shelbourne Hotel in Dublin. Our biggest gig yet is coming up at a candle lit fundraising concert in St Anne’s Cathedral, Belfast on November 23, so the preparations (and nerves it has to be said!) are already kicking in for that. Is there something you’d like to start doing or take up? I’ve always enjoyed recreational singing (by

that I mean in the pub over a few pints), and whether I’m any good or not is somewhat beside the point. My family are fond of a good sing song too, but a number of my brothers also play guitar and other instruments which I have always been a bit envious of. I’ve often thought that I would like to learn to play the guitar to accompany the singing but every time I’ve tried, sadly my fingers just don’t seem to want to co-operate. It’s holiday time – where are you travelling to? Locally my spiritual second home is Donegal – which brings back many fond memories of childhood summers spent there on the annual family pilgrimage. We are lucky to have a bolt hole near Dunfanaghy quite close to Marble Hill beach, so that is our go to place for instant relaxation and much needed downtime. Further afield I have also always loved Italy and we keep being drawn back there every couple of years it seems. It’s such a beautiful and interesting country and there are so many places yet to experience. ■

REVIEW

Chicken satay spring rolls at Yugo

The plum negroni

Review: Why Belfast fusion spot Yugo remains at the top of its game John Mulgrew pays a visit to Yugo in the heart of Belfast city centre to see if it’s still knocking out the same top small dishes with big flavour

ext door to 3 Wellington Street in the heart of the city centre sits what is the now vacant former home of Belfast fusion spot Yugo. It started off here in the considerably more compact confines around six years ago – a Belfast curry, bao buns and quirky sushi, with a sizeable helping of Northern Ireland in there too.

performs on considerably larger and airier stage.

towards the end of the month. People tend to order more of them.

A chunky glass and wooden-framed door makes way for a fairly open restaurant layout – tables go both to the left, and right, there’s a hefty smattering of dark wood, mood lighting and a chunky visible pass towards the back.

But with Yugo, the many bites of big, bold and robustness feel like the correct avenue. More is more in this instance.

But that former unit now lies empty. Up until just a handful of weeks ago it was home to Ferine – another restaurant pushing out a handful of punchy flavours and combinations not always widely seen throughout these counties.

The concept of ‘small plates’ has certainly infiltrated hospitality here. It remains embedded in eating spots from the precise, traditional and sublime, to other restaurants hoping you not noticed you’ve just disposed of enough paper to fund a half decent tasting menu at other establishments.

Yugo, presumably thanks in part to its own success along with a unit being available, now

Of course, smaller dishes can often make way for better results when looking at the books

An aperitif comes in the form of a short and grown-up beverage from the cocktail menu, complete with a hefty chunk of Yugo-branded ice. A clever plum negroni. It’s tart, sharp, fruity but herbaceous and bitter. It’s also a deal at a tenner, when significantly less adept tinctures are being sold in less inauspicious spots for a more sizeable bill. Food is delivered apace – a hot and puffed little pork bao bun arriving from the pass first.

REVIEW

Beef massaman

It is something of a nightmare to share, given best consumed by a single individual using one’s own mitts. But the piggy in the middle is suitably soft and unctuous with just the right balance of fat and with a dark mahogany sheen atop, which shows that this suidae has been shown the suitable love and attention it deserves. Staying with swine, the crispy pork dumplings have remained on the menu for some time, for good reason. Think something akin to gyoza but slightly puffed and eminently craggly and crisp, sharing the plate with an inordinate quantity of dried chillies. Things are just on the edge of a palate sodium overload but brake just short of the give way line and instead are intensely savoury and umami. Little pert spherical croquettes of shredded

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Szechuan lamb are compact, but perform the necessary tick boxes of savouriness.

beansprouts, chilli and peanuts, sitting on a bed of rice.

But it’s the fresh and zingy yogurt pillow which they sit on top of which elevates the dish, along with a helping of chilli oil.

At £14 it feels like a true bargain and remains a balanced and bold bowl of curry worth you and your dining partner’s time.

Chicken satay spring rolls feel like the dish your fellow diner would order if they’re the sort of person who always goes for a korma when getting an Indian takeaway, but they are still carefully crafted cylinders of crunch, peanut and poultry which disappear from the plate with vigour.

A light white chocolate and matcha tea mousse simply feels like a solid gathering of ingredients — blueberries and passionfruit sitting atop with chunks of sweet honeycomb.

There’s essentially what I would consider one ‘main’ dish on the menu, the beef massaman. It’s been a stalwart on here for some time and feels like exceptional value. It’s a deep bowl of rich, spiced, creamy coconut with several jiggling chunks of short rib – always one of the finest cuts on the animal when dealt with by a deft hand – topped with

The restaurant feels like it’s heaving by the time we get up to leave on this slightly damp Saturday lunch service, and that’s certainly a sign that Yugo is continuing to push all the right hospitality buttons. Service is quick, sharp and prompt throughout, and while dishes come from the school of ‘they’ll emerge from the kitchen as and when they are ready’, everything works and arrives just when the palate needs another smack of flavour. ■

INTERVIEW

Slieve Donard owner: ‘It’s not inconceivable that we could acquire another hotel in NI’ Phillip Allen of Marine & Lawn Hotels & Resorts, owner of the Slieve Donard, talks to Margaret Canning about expanding presence

he owner of Co Down’s Slieve Donard and The Adelphi in Portrush has said he hasn’t ruled out a third hotel acquisition in Northern Ireland.

in London, where he moved from the US last year to lead Marine & Lawn, Phillip is coy about how soon the company might jump for a third venue north of the border.

Phillip Allen, president of Marine & Lawn Hotels & Resorts, part of US firm AJ Capital Partners, says he is on the lookout for further deals on both sides of the border, as well as in Great Britain.

AJ Capital Partners bought the Slieve Donard in 2021 from the Hastings family. Since then, around £16m has been ploughed into refurbishing the historic property.

In his sights are venues next to world-leading golf courses – a process which led him to the Slieve Donard, next to Royal County Down, and to The Adelphi, close to Royal Portrush. In an interview conducted from his new home

Phillip says the reopening post-refurbishment is “working out fabulously” and that “the Slieve” is just the start of Marine & Lawn’s acquisition trail on the island. “We’re incredibly excited about the future for this property, about the prospects. It’s

our entrée into the island of Ireland and it’s going to be our flagship, comparable to the Rusacks in St Andrews, which is the flagship in Scotland.” The hotel has 180 rooms and has been operating for 125 years. While it’s branded as a “luxury” hotel, Marine & Lawn says “lead-in” rates at the resort start at £165 in low season. Marine & Lawn is a brand for golf course resorts, but, as with its 50-year history under the Hastings family, Phillip says that the luxury property will still cater to other markets. “We’re going to continue to cater to the local community for weddings and other special events. Interestingly, despite the fact that it’s located next to Golf Digest’s No1 golf course in the world, the Slieve is probably our least golffocused property.

INTERVIEW

Inside the newly revamped Slieve Donard Hotel

“Because of the large amount of meeting space, because of the outstanding spa there and because of the other demand drivers, we’re able to do a lot of non-golf business. “In the height of the summer we have a lot of golfers coming through, and we will continue to cater to that market as well, but there’s no question that we’re going to do big business there in meetings, events and weddings, for sure.” He agrees with US economic envoy to NI Joe Kennedy III’s remarks at the NI Investment Summit last month that Americans should know the sun shines in places other than golf courses in NI. “We want people from other walks of life, from other demographics, to come. There’s so much to recommend in NI. It’s a beautiful part

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of the world and Americans are suckers for Ireland in general. “We have a great affinity for all of Ireland, so I think we will draw people who are looking to do things other than golf. “Certainly, the Game Of Thrones connection has been great for tourism in NI and we’re going to do what we can to leverage that as well. I don’t think it has run out of road; it hasn’t for me. I’ve only just started watching it and I’m almost through season one.” Phillip admits he had “never set foot” in NI before his first trip to the Slieve Donard. With acquisitions in England and Scotland under his belt, he had set out to look at other major golf courses with attractive hotels next to them. “I literally just started looking on Google Maps

at hotels on great golf courses. I knew Royal County Down by reputation, of course, but had never been there. I said to myself: ‘I wonder what the closest or best hotel is to that course.’ It took me about five seconds to find the Slieve Donard and realise that it would be an absolutely perfect Marine & Lawn destination. I did that all on desktop. “I gave Paul Collins, a friend who is a hotel broker in Dublin, a call, and said: ‘I bet you know the owner of the Slieve Donard.’ And he said: ‘I absolutely know Howard Hastings and the Hastings family.’” Phillip said he then “cold-called” Howard Hastings and, after discussions, the family agreed to sell. Phillip won’t confirm that the purchase price was around £40m, a figure reported at the time. >

Phillip Allen

INTERVIEW

He says the Slieve Donard has received a “bespoke” makeover by its design team, whom he said “pride themselves on delving deeply into the history and environment of each property”. “Each one is designed to reflect the local community and the flora and fauna of the surrounding area,” he says. “So, no, it’s not exactly what you’d see in our hotels in Scotland. “I think the similarities are that we love bold statements, bold prints. We don’t do the sort of Scandinavian minimalist thing.” A rendering of the Slieve Donard’s postmakeover lobby featured a tartan surround around its centrepiece chandelier. However, the tartan surround doesn’t feature in the finished lobby. Phillip says: “I think it’s ultimately something that we decided didn’t fully represent the history of the building the way that we wanted. The actual lobby ended up pretty damned close to that rendering, but that [tartan detailing] was eliminated. Though that’s not unusual in the design process – to start with a detailed rendering [and] in the course of actually building it out a few things will change.” The Belfast Telegraph revealed the company’s purchase of The Adelphi in Portrush late last year. Renovations were due to start this autumn but that hasn’t happened, Phillip confirms. Still, he insists he has “no fears” that it won’t be open in time for the big deadline of The Open at Royal Portrush in 2025. “I wish I could give you a detailed timeline, but unfortunately this time I can’t… That’s really the only date I can confirm, that we absolutely plan to be renovated and reopened in time for the 2025 Open Championship.” Unlike the Slieve Donard, which stayed open through its renovation, The Adelphi will probably shut for its makeover, he says. Elsewhere, the Republic is on Marine & Lawn’s radar. “I can’t confirm or deny if we’re working on anything there at the moment, but I

don’t think it’s a secret that we are opening Marine & Lawn hotels in the greatest golf destinations in the UK and hopefully in Ireland. There are what we consider the greatest golf destinations in the world all concentrated on these two small islands in the North Atlantic. “And absolutely, we’re going to continue looking throughout the UK and the Republic of Ireland.” A lawyer by profession, Phillip, who is from Kentucky, moved to London around a year ago. He won’t get drawn into comment on the impact of Brexit on his new home and he isn’t too keen to talk about the lack of a devolved government in NI. “I only learned that when I got into the Slieve Donard. I will just say that I found that fact surprising. I don’t think that, from our customers’ perspective, that fact would have a significant impact. We draw from all over the UK and Ireland and the US, but our American clients in particular have a very positive view of Ireland as a whole, including NI, and the vast

majority of them would have no idea of what you’ve asked me. “In general, the average American understands that NI is part of the UK and the Republic isn’t and is an independent country. That’s about as deep as it goes.” As to what’s next in NI, he says: “I don’t want to comment on or deny specific projects or acquisitions… it doesn’t strike me as inconceivable that we could acquire something else in NI. Right now, Marine & Lawn have four properties in Scotland and two in NI. But we have none in England, none in Wales, none in the Republic. So I think we would like to cover some of those areas where we don’t have a presence yet. That could come before a third in NI. “We have built this brand opportunistically, though the Slieve Donard is an exception, where I went out and said: ‘This is one that I know I desperately want.’ So to some extent you react to what’s available. We’ll see whatever opportunities present themselves.” ■

Motoring By Pat Burns