Northern Ireland: Cautious optimism
Although the global economy still gives some grave causes for concern, Northern Ireland has plenty of reasons to be optimistic, says Ian Coulter
June 11, 2003 at 08:03 PM
4 minute read
Despite the continuing pessimistic outlook on the global and national economy, there is cause for optimism, albeit guarded, in the corporate finance market in Northern Ireland. This can be attributed to a number of factors, two of which are that a large number of subsidiaries of multinationals have been taken over by local management by way of management buy-outs (MBOs) and the large majority of businesses in Northern Ireland are owner-managed and not subject to the fortunes of the stock exchange.
A good example of this is the recent MBO of Fujitsu's Irish Telecoms Engineering Division by locally owned Asidua. Another recent high profile MBO was the £111.4m MBO of Open + Direct's financial services and retail credit businesses from Viridian. Is this type of transaction set to become the norm?
On the property development front, a large number of 'brownfield' sites have been (or are in the process of being) transformed into attractive hi-tech business or science parks. One recent example was the announcement that a derelict site (formerly the home of the heavy engineering giant, Mackies) is to be given a new lease of life, thanks to a government initiative and funding of £26m. The proposed new business park to be developed on the site will give scope to create up to 750 jobs in West Belfast. The proposed redevelopment of the Victoria Square district of Belfast and the development of lands within the Belfast Harbour Estate (the Titanic Quarter and 'D5′) will also provide future opportunities for new retail and wholesale investors in Northern Ireland.
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