Business Magazine Cork

SEPTEMBER BUSINESS CORK

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KEEPING IT IN THE FAMILYM&P O’ SULLIVAN CELEBRATE 110 YEARS OF THE FAMILY

BUSINESS IN CORK WITH THE 4TH GENERATION INVOLVED

INDAVER’S JOHN AHERN RETURNS

BUSINESST H E N o . 1 M O N T H LY M A G A Z I N E F O R CORK C I T Y A N D C O U N T Y

DARINA ALLEN AT FOOD SYMPOSIUM

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Editor’s Note Contents5 Partners & Patrons

6 Keeping it in the Family

10 Are you a Budding Cork Fasion Photographer?12 New Naval Ship to be Built17 Are We Alone in the Universe? with Dr. Chris Coughlan

20 The Business of Show Business with Amanda Neri

21 How to Make the Most Out of Your Finances22 Exclusively for Ladies with Lorraine O”Neill30 The Cork Business Scene with Gerald Kean

34 Minister Coveney Launches Army Recruitment Campaign

40 Employment Law Update45 Motoring News

Content & editorial

Michael Mulcahy (Editor)

Lorraine O’Neill (Deputy Editor)

David Kelleher (Deputy Editor)

Alexandra Manning (Deputy Editor)

Dr. Chris Coughlan (Contributing Editor)

Dr. Gerald Kean (Contributing Editor)

Bill Holohan (Contributing Editor)

designNikolus Harrison

aCCoUntsLucille Chambers

Client serviCes managerSusie BrownLouise O’Sullivan

Business Cork2413 Euro Business Park,

Little Island, Cork

T: +353 (0)21 5003050

F: +353 (0)21 4354184

E: [email protected]

Publisher: Michael Mulcahy

Chairman: Patrick W. Fenton

Directors: Jonathan Smith,

Michael Mulcahy

© 2015 Business CorkAll rights reserved. The info contained in this magazine is believed to be accurate and authoritative. However, it is not intended to substitute for legal, accounting, tax or other professional advice Statements and opinions expressed herein are not necessarily those of Business Cork. No responsibility can be assumed for any unsolicited materials and submission is construed as permission to publish without any further correspondence and the fee payable (if any) at our usual rates. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means - Electronic, mechanical, photocopying, recording or otherwise without the prior written permission of the publishers.

BRINGING BACK CORK’S OWN BUSINESS MAGAZINE TO PROMOTE THE CITY AND COUNTY LOCALLY, NATIONALLY AND INTERNATIONALLY

It is seven years since Business Cork was last published as a monthly business magazine and the economic circumstances of that time have

been widely felt by most of us in business. However, with the very clear indicators of recovery and the many innovative projects now visible on the horizon of our city and county, that outlook has changed. The Government strategy is also clearly working and the target of full employment by 2020 is also now more a reality than a dream. It is also clear that those in senior positions in Cork companies whose employment creation record is exemplary, have seen that the new dawning of the Irish nation is bringing us to a place of sustainability and growth, once again, but this time that position is built on reality rather than fiction. So much is changing in Cork in the present time. The developments have started, the revival of our city centre has started and the conclusion of the discussion on the future of Cork City Council and Cork County Council is soon to be decided.

The return of Business Cork is to be credited to many of those senior Cork business people whose faith in the Cork economy, the Cork product and the Cork people and is evidenced by their support of Cork having its own dedicated business magazine once again. The role of Business Cork is to provide a dedicated medium to promote and market Cork at local, national and international level. In evolving Business Cork, every Cork business and every person interested in business in Cork will have

access to a free copy of the magazine so as to help promote their businesses and in turn promote Cork. With 45,000 businesses in the Cork region and over 250,000 people interested in business in Cork, the magazine will seek to look positively at promoting everything that is good about doing business in Cork.

Our model for Business Cork this time is somewhat different and at the same time somewhat the same. We have introduced the Business Cork Recommended Partners where one business from each sector will provide a dedicated service in that area to the businesses of Cork and Business Cork will recommend them to all other businesses in the region. These Recommended Partners are specialist lawyers, accountants, marketing, health etc etc professionals and they are interested in assisting every Cork business to reach their maximum potential and are there to assist in any way that they can. Our Corporate Patrons are Cork companies whose support of Business Cork magazine makes it possible to deliver the magazine to the businesses of Cork on a free of charge basis. While the magazine will be available to purchase in shops or by subscription, its key target is as a free product on our website and from our new app so that everyone interested in Cork business, be they at home or overseas can read about it in Business Cork. The model for Business Cork is all about positivity and possibilities and included each month will be news and views from contributors and the community as well as news from the four business associations that are making a difference to Cork at present. Little Island Business Association, Ringaskiddy Business Association, Cork Docklands Business Association and Cork North District Business Association.

It is our view that Cork is The Best City and County in Ireland to do Business and that view is borne out by the great turnaround that is being experienced in Cork since those dark days of eight years ago.

We hope you enjoy the return of Business Cork and if we can assist anyone or anything that will make a difference to the business life of Cork city and county, we are here to do so.

Michael MulcahyEditor


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There are 45,000 registered businesses in Cork and the Recommended Partners of Business Cork are businesses from each sector, chosen by Business Cork to provide an exceptional service to Cork businesses, based on experience, reputation and recommendation. Business Cork is selecting one business per sector as its Recommended Partner and each of these Recommended Partners will be delighted to assist you in their chosen area of specialty with a world class service gained from many years of experience in their field and offer you and your business an exceptional service to manage, grow and develop your business. Full details of each Recommended Partner are contained in their profile within the magazine. Over the coming months we will be adding to our Recommended Partners section and guaranteeing that there will be only one Recommended Partner per business sector. If your business is interested in being the Recommended Partner for its sector, contact Michael Mulcahy at [email protected] who will be happy to talk through the details of the programme with you.

BUSINESS CORK RECOMMENDED PARTNERS

Business Cork magazine is brought each month to the 45,000 Cork businesses and 250,000 people, locally, nationally and internationally who have an affinity to Cork business with the generous support of our Corporate Patrons. If your business is interested in becoming a Corporate Patron of Business Cork and providing every Cork business with a monthly copy of the magazine as well as positive promotion for Cork at home and overseas, please contact Michael Mulcahy [email protected] who will be happy to talk through the details of how the Corporate Patrons programme works and how it can benefit your business and the 45,000 other Cork businesses.

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COVER STORY

KEEPING IT IN THE FAMILYM&P O’ SULLIVAN CELEBRATE 110 YEARS OF THE FAMILY BUSINESS IN CORK WITH THE 4TH GENERATION INVOLVED

One of the leading Cash and Carry & Foodservice Wholesalers in Cork

and Munster, M&P O’Sullivan, is celebrating 110 years in business with an exciting new phase of expansion, new services, and, as a member of the Gala group, has announced a significant sponsorship deal with Team Ireland in the Special Olympics. The independent 4th generation family business is very much focused on the future this year having recently expanded its warehouse and workforce by 20% in what is a tough trading environment. This 46,000 sq ft facility at Sarsfield Road in Wilton now

supports 50 jobs locally in Cork.In addition, M&P O’Sullivan also support an additional 200 jobs locally through its Gala franchise, and the successful Homestead and White Hat brands. They opened two new Gala stores already this year in Bandon and Ballyphehane Cork, and have plans to open a further five stores in Cork in the next 12 months, which will result in up to 50 additional jobs. M&P O’Sullivan also work with a wide range of independent stores and the Foodservice industry, supplying product to a large number of catering outlets, and are indeed one of the

biggest fast food suppliers in Ireland. The company is a member of the Stonehouse Group, their umbrella buying group who are responsible for the Homestead and White Hat range of products, which as a nationwide network of 25 family run wholesale businesses, employs over 1200 staff and maintains

a turnover in excess of one billion per annum. Pat O’ Sullivan, one of the Directors in M&P O’ Sullivan, is also a director of Stonehouse Marketing Ltd.The food distribution wholesaler

also recently embraced the digital age by setting up a new online ordering system, and they launched a frozen and chilled distribution service at the end of 2014, which has seen huge growth with business tripling in the first quarter of 2015. Commenting, Director James O’ Sullivan, who is a well-known figure in Cork business life, said “Only 5% of businesses in Ireland are believed to be 4th generation, which

is an incredible achievement for our business. I would like to acknowledge the huge contribution our founder, my grandfather, Patrick O Sullivan made, and his vision, and also our very loyal team”. “As one of Cork’s oldest and most established companies, we are of course reflecting on the past this year, but more importantly we have a renewed focus on the future. You can’t survive in business this long without continually re-freshing and developing the business.” Pat O’Sullivan, co-Director at M&P O Sullivan, said “M&P O’Sullivan is very much focused on a local, personal service, and we do everything in our power to meet the needs and expectations of our many customers. Our customers can pick up the phone and deal directly with one of us. We would very much welcome new customers and can assure them of a warm welcome”.

M&P O’Sullivan has taken a philanthropic approach to celebrating its anniversary. As one of the shareholders of Gala Retail Services – the convenience group with almost 200 stores in Ireland – Gala and M&P O’Sullivan have recently announced that Gala is now one of the official sponsors of Team Ireland with Special Olympics Ireland.In a six figure deal, that includes sponsorship rights and a significant activation budget, this major sponsorship will help Irish athletes travel to and compete at July’s World Summer Games in Los Angeles.Pat O’Sullivan is joining the team in LA in July as a Director of Gala Retail Services Ltd, and to represent M&P. Commenting he said “Being in a position to assist these athletes in achieving their dreams and

experiencing a once-in-a-lifetime opportunity is something that everyone at M&P O’Sullivan and Gala is committed to and we’re looking forward to an exciting summer, wishing Team Ireland every success at the Games.”M&P O Sullivan was founded in 1905 by visionary Paddy O Sullivan, who was had entrepreneurial insight

“M&P O’Sullivan is very

much focused on a local,

personal service, and we

do everything in our power

to meet the needs and

expectations of our many

customers.”

David O’Sullivan, James O’Sullivan, Eoin O’Sullivan, Pat O’Sullivan, and Patrick O’Sullivan

COVER STORY


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to open a retail outlet in Princes Street, Cork and later to expand into a tobacco business called Red Abbey Tobacco factory. As a nod to this chapter of their history, one of the modern day M&P O’ Sullivan’s generic food service brands is today known as Red Abbey. Founder Paddy was followed into business by his son again called Paddy in the 1940’s who moved the business more into the catering and grocery sector. He had the distinction of being one of the youngest people

to have attended UCC, commencing his studies at just 15 he went on to graduate with B.COMM degree at the age of 17. Today the 110 year old company is headed up by James O Sullivan and Pat O Sullivan, whose leadership and vision has helped the company become one of the leading wholesale distribution companies in Munster. Sons, David, Patrick and Eoin are now responsible for more of the day-to-day running of the business. Eoin heads up the vibrant sales force,

Patrick is involved in the Trading / Buying division and David specialises in logistics. Products supplied by M&P O Sullivan include grocery, health and beauty, stationery, equipment, wines, beers, spirits, fresh and frozen produce, confectionary, snacks, soft drinks, catering, hardware, household, electrical products, cleaning, and hygiene products.

COVER STORY


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KILKENNY GROUP SPONSORSHIPKilkenny Group, owned by the O’ Gorman family and chaired by Alf Smiddy has taken over the sponsorship of the renowned best dresses event at the annual Galway Races. The judges this year include RTE’s Maura Derrane, Irish Independent Fashion Editor & Weekend Magazine Executive Editor Bairbre Power, Image Magazine Editor-in-Chief Melanie Morris and owner of Catwalk Model Agency Mandy Maher. The Kilkenny Best Dressed Lady sponsorship is worth a €10,000 prize including a shopping spree at the Kilkenny store, a bespoke piece of Waterford Crystal, a 5* luxury break from Ireland’s Bluebook, a new wardrobe courtesy of Irish designer Aideen Bodkin, stunning Irish jewellery by Maureen Lynch, a year’s haircare by Peter Mark and a beautiful Lancôme cosmetics hamper courtesy of University Pharmacy Galway. The prize for the winner of the Kilkenny Best Irish Design is valued at €4,000 including a 5 * luxury break from Ireland’s Bluebook, jewellery from Maureen Lynch, a new wardrobe courtesy of Irish designer Aideen Bodkin and hair care from Peter Mark. The winner of the Kilkenny Best Hat will receive a €2,500 prize including a luxury break from Ireland’s Blue book, jewellery from Maureen Lynch and hair care from Peter Mark. All contestants at the Kilkenny marquee will be presented with a special collection of Lancôme cosmetics compliments of University Pharmacy, Galway. Greg O’Gorman, Marketing Director of Kilkenny Group made the presentations to the winners at the annual racing festival this year.

ARE YOU A BUDDING CORK FASHION PHOTOGRAPHER?Canon Ireland has announced the ‘Canon Young Fashion Photographer of the Year’ in association with Dublin Fashion Festival. Organised by DublinTown, Dublin Fashion Festival runs from 7th – 13th September 2015 and is a week-long celebration that brings a fashion festival fix to the streets of Dublin. The ‘Canon Young Fashion Photographer of the Year’ competition is open to all budding photographers from around Ireland and aims to help amateur fashion photographers gain experience and exposure in the fashion industry. The winning photographer will receive €500 worth of Canon products and a money can’t buy experience at London Fashion Weekend in September. The winner will be flown to London courtesy of Canon Ireland where they will have the chance to photograph a fashion show featuring some of the best known labels and models in the fashion industry. Interested photographers in Cork should submit up to five examples of their work via the Dublin Fashion Festival website www.dff.ie. All photographs submitted for judging cannot be published works, and the photographer must not have received payment for it. Closing date for entries is 5pm on Thursday, 20th August 2015. For further information on this competition visit www.dff.ie orwww.facebook.com/CanonIE

INCREASE IN EXPORTS

The Minister of State for Development, Trade Promotion and North South Co-operation, Seán Sherlock, TD has welcomed the latest CSO figures, which show that goods exports reached €8.8 billion in May 2015, an increase of 8% compared to May 2014. In the first five months of 2015, goods exports reached €44 billion, an increase of 18% compared to the same period in 2014. Minister Sherlock said: “In my role as Minister of State with responsibility for trade promotion, I have been glad to be able to contribute actively to Ireland’s export performance and I welcome today’s trade figures. “In recent months, I have led a number of Enterprise Ireland Ministerial-led trade missions and events, including two to the UK, an aviation-focussed mission to Paris and a market study visit to Estonia. During these missions, I was also able to see at first-hand the excellent work being done by the State agencies and our Embassy network to promote Ireland in the areas of trade, tourism, investment and education.”

Bill Holohan is our founder and Senior Partner. Qualified as a solicitor for over 30 years he is also a Notary

Public, Accredited Mediator / Disputes Resolver and Trade Mark Agent / EU Trade Mark Practitioner. Bill has

authored or co-authored 8 books in diverse areas of law. A strong advocate of Alternative Dispute Resolution,

(i.e. avoiding courts as the method of dispute resolution) he is current Secretary of the Chartered Institute of

Arbitrators in Ireland and Secretary of Cork based www.CommercialMediators.ie

[email protected]

0872920983

Laura Duffy is a Partner based in our Dublin office with a focus on the area of Litigation both civil and

commercial. In the main Laura acts for high profile Insurers in Defence Litigation, as well as acting in

Plaintiff claims. She has a particular expertise in insurance and insolvency matters having been involved in

many notable Personal Insolvency & Bankruptcy cases in recent years. As well as being a solicitor, she has

qualifications in sociology, politics and compliance.

[email protected]

0863637522

John Lane is Managing Partner and heads up our Commercial Department. John has 15 years’ experience

as a solicitor in the areas of Business Law and Commercial Property in particular. The holder of a number of

degrees, he also has a Certificate in Trademark Law from the Law Society of Ireland. John regularly advises

SMEs on all aspects of business operations “from incorporation to liquidation”. He is legal advisor to the Irish

Franchise Association. John also looks after all property and conveyancing matters in the practice.

[email protected]

0866024498

Amy Shine is a Partner based in our Cork office. Amy specializes in the areas of areas of Employment Law and

commercial litigation while also having responsibility for our Private Client department. As well as academic

qualifications she holds Diplomas in Property Tax and Employment Law. Amy recently successfully represented

an Examiner in the first case to come before Cork Circuit Court under the new “Examiner Lite” Procedure for

companies in financial distress.

[email protected]

0877548310

David Curran is a Partner in our Dublin Office. A native of Northern Ireland, he is qualified as a solicitor in

Ireland, Northern Ireland, as well as in England & Wales. Former Head of Professional Lines in AIG Insurance,

his forte is in Insurance Law matters and Professional / Negligence/Indemnity claims in particular. David is

recognised as a leading expert in Ireland on insurance matters having co-authored the leading textbook on

Professional Negligence in Ireland.

[email protected]

0876460981

Lawyers and advisers for people in business - An Award Winning Legal Services Team.

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CORK AT A GLANCE


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The Minister for Defence, Simon Coveney, T.D. has announced that the 3rd new ship for the Naval Service is to be called LÉ William Butler Yeats. The ship is scheduled for delivery in July 2016 and will be the same build as LÉ Samuel Beckett delivered in 2014 and LÉ James Joyce, which arrived in the Naval Base, Haulbowline last Friday. Minister Coveney said that the naming of the ship after William Butler Yeats, a world renowned Irish poet, literary figure and Nobel Laureate,” will continue to facilitate greater recognition of our Naval Service ships when visiting foreign ports and set a tone domestically reflecting a more modern Ireland and Irish Naval Service”. The Minister added that” it is very appropriate to mark the 150thanniversary of the birth of W.B. Yeats by making this announcement today in Lissadell House. The naming continues a strong link between W.B. Yeats and Irish Naval Service as the first foreign mission by an Irish Naval Service ship, LÉ Macha, in 1948 was to repatriate the poet’s remains to Ireland following his passing in France.” The ship will be formally named and commissioned in Ireland after its delivery to Ireland next year.

Greenville House, a service centre of the Cork Association for Autism (CAA) based in Carrigtwohill, recently benefited from a donation from the Amazon Customer Service site in Cork, helping to fund and develop a fruit garden at the centre which provides residential and day service to adults on the autistic spectrum. It also organised an Outreach initiative where a group of Amazon volunteers worked with the CAA staff onsite to assemble a fruit cage and paint some of the Sensory Garden’s flowerbeds. Fruit is a popular food choice of the clients in Greenville and the new fruit cage will help protect the fruit plants from the many birds which also reside in Greenville. Lisa O’Grady from the horticulture team explains: “Our clients love fruit, especially berries which is a must on shopping lists in Greenville so we decided to try and grow our own. We have already started with apple, pear and plum trees but really wanted to grow berries and become self-sufficient and be able to take these items off our shopping lists. Thanks to Amazon we now hope to be able to produce our own jam and sell it locally to generate some badly needed funds.’ The team will plant raspberries, blueberries, blackberries, loganberries, tayberries, gooseberries and red and black currant plants for their fruit garden.” Ian Semple, Amazon Customer Service Site Lead, said: “We are proud to support the Cork Association for Autism and I know that the team from our site got a lot from this activity and had some fun too. Here, locally in Cork we are privileged to work with some amazing charities and local groups and our employees gain great satisfaction from helping in our small way”.

NEW NAVAL SHIP TO BE NAMEDLE WILLIAM BUTLER YEATS

CORK CITY COUNCIL LEADS THE WAY

Ann Doherty, Chief Executive of Cork City Council has confirmed that Cork City Council had recently purchased two stone warehouses on Parnell Place, which would deliver 60,000 square feet of start-up and co-working space for both new and developing companies. A centre of this scale will have a very positive impact on the commercial life of the city and attract new and vibrant businesses to the heart of the city.

PLATO CORK CELE-BRATES 20 YEARSPlato Cork is 20 years in existence this year and the Growth Programme is commencing this autumn. Opportunities are once again emerging. What are your plans to develop, network, enhance your expertise, increase sales, increase profit and to grow once again? Business needs to plan and business leaders planning together in a trusted and confidential environment is a good place to be, and a good place to build a strong growth strategy. Full details from www.platocork.ie

AMAZON IN CORK SUPPORTS AUTISM

Amazon representatives pictured here with members of the Cork Association for Autism horticultural and grounds team at their on-site day at Greenville House in Carrigtwohill.

LÉ Samuel Beckett

CORK AT A GLANCE


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Established in 1987, Brian Scully Services is a leading Irish Air Conditioning Company focusing on supply and

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01 6703000NEW CEO AT CONNECT IRELAND

ConnectIreland has announced the appointment of Joanna Murphy as its new CEO, effective immediately. ConnectIreland is an incentivised referral programme appointed by IDA Ireland to deliver the Government’s Succeed in Ireland Initiative. Joanna has been a key member of ConnectIreland’s leadership team since 2013, holding the position of Chief Operating Officer, and will now take over from Michael McLoughlin. Michael has led the company with distinction for three and a half years, bringing the number of successfully established projects to 50, with over 1,500 jobs announced. Announcing Joanna’s appointment, ConnectIreland Chairman Terry Clune said: “Joanna has a strong track record and a passion and enthusiasm for ConnectIreland that is second to none. Her experience for growing new practices and developing relationships has been invaluable. On behalf of ConnectIreland, I warmly welcome Joanna as our new CEO and I look forward to her continuing to drive our success and innovation. I thank Michael for his work to date and wish him well in the future.” Joanna was initially appointed as project manager when she joined ConnectIreland, before quickly rising to the role of COO. Joanna has been responsible for ConnectIreland’s brand development and has created and developed strong partnerships with leading global organisations such as Dublin Airport Authority, Aer Lingus and GAA.

ELLVENA GRAHAM NEW CHAIRPERSON AT ESB

WINNER OF NEW CAR FROM MARYMOUNT HOSPICE DRAW

The Minister for Communications, Energy and Natural Resources, Alex White, TD, has appointed Ellvena Graham as ESB Chairperson. Ms Graham will be the first woman to be appointed Chair of the ESB. She has been a non-executive member of the Board since 2010 and has been acting Chairperson since the retirement of the former Chairperson in January 2015. The ESB employs almost 7,200 people and had earnings (EBITDA) of €1.4 billion and an operating profit of €684 million in 2014. Its group of companies includes ESB Networks, ESB International and ESB Telecom. It recently launched the SIRO broadband joint venture with Vodafone. Ms Graham has been employed by Ulster Bank for over 30 years, with her most recent executive positions including Chief Operating Officer, Managing Director SME Banking and Head of Ulster Bank Northern Ireland.

CORK FOOD COMPANY WINS

Ireland’s leading food and support services company, Compass Group Ireland, has announced the winners of this year’s Idea Works. Ballincollig based company Secret Recipe is among the three winners selected who will now work closely with Compass Group Ireland to develop their gluten free and Halal meal solution products further with a view to trialling these within select Compass Group Ireland units. Secret Recipe presented the panel with a certified gluten free spicy soup and curry dish that pleased the judges’ palate. The company is the only one in the UK and Ireland to produce not only Halal and gluten free meal solutions for the food service industry, but to be certified by the Halal Certification Authority. Gary Docherty from Secret Recipe said, “We are delighted with the feedback from the panel at Idea Works and are really looking forward to developing the range with Compass Group Ireland. This is such a fantastic opportunity to work with a prestigious brand and hopefully springboard the company to new levels of success.”

Nora Hogan from Bishopstown was the winner of the Marymount Hospice fundraising raffle and collected the keys to her new 152 Toyota Auris from Robert Cogan Director of Cogans Carrigaline, Toyota Dealership & Dan Cowman, Chairman of the Friends of Marymount.

CORK AT A GLANCE


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100,000 MILESTONE FOR SOCIAL INNOVATIONPARTNERSHIPYoung Social Innovators and Vodafone Ireland Foundation are celebrating reaching a significant milestone of impacting 100,000 young Irish people through their three year partnership which delivered social innovation programmes across schools nationwide. Over 1,200 projects have been completed by young people throughout the course of the partnership, tackling community issues such as bullying, human rights, inequality, farm safety and many more. All projects focused on leaving a positive legacy in local communities, as well as increasing confidence and self-esteem in the young people participating. In 2012 Young Social Innovators and Vodafone Ireland Foundation joined forces with a view to doubling the number of young people to participate in the Young Social Innovators programme. Yesterday this vision was achieved, with the programme successfully doubling the number of Young Social Innovators from 50,000 to 100,000 over three years. Vodafone Ireland has also grown its internal employee engagement in charity activity to 25% in the last three years as a direct result of the partnership. Since the partnership commenced in 2012, Vodafone Ireland Foundation has invested over €1.2 million of funding and over half a million in marketing support. In addition, Vodafone employees continuously supported this partnership providing technology support, expertise and volunteering 10,000 employee hours to build this empowered community of young social innovators. Speaking about the partnership, Anne O’

Leary, CEO, Vodafone Ireland said, “Over the last three years it has been a privilege to work with the young people across the country involved in Young Social Innovators. Together we developed a strategy to drive the youth agenda and today is testament to the passion and dedication of each and every person involved in the programme. For Vodafone it has been a truly inspiring experience. The enthusiasm, intelligence and creativity of the students involved in the programme year on year continues to astound me and there is no doubt that our country has a bright future ahead as today’s ‘Young Social Innovators’ become tomorrow’s leaders”.

NEW APPOINTMENT AT FUZIONDaisy Higgins has been appointed a PR Account Executive at Fuzion operating from their Cork office. Daisy is the newest member of the Fuzion team and has a Bachelor of Arts in Politics and English from University College Cork, where she developed an interest in social media and writing. Prior to joining Fuzion, Daisy worked as part of the marketing team with Ballymaloe Relish and was trained in the subject of food business at Ballymaloe Cookery School. Her areas of expertise include profile building and event planning, and she has a strong focus on client relations.

IARNRODEIREANN NON STOP CORK TO DUBLIN

The announcement by Iarnród Éireann of the new non-stop Cork to Dublin daily express service is a very welcome one for Cork passengers. This development will be hugely significant in facilitating business travel between Cork and Dublin with passengers able to board the train at Kent Station at 6.15hrs and arriving 2hours and 15minutes later to Dublin Heuston. This reduced journey time was identified as being key to business customers and will help to facilitate morning meetings in Dublin.

Occasions, the Cork event management specialists have just launched The Wedding Experience as a new addition to their business. Full details at www.facebook.com/theweddingexperiencecork

OCCASIONS LAUNCH THE WEDDING EXPERIENCE

CORK AT A GLANCE

Drakes EquationConsider our Galaxy with its billions of stars, next consider that by current estimates there are more than 100 billion other Galaxies in our known Universe. What is the possibility that life exists somewhere out there?

As early as 1961 a young astronomer Frank Drake identified seven specific factors thought to play a role in the development of civilisations and used these to estimate the number of technological civilizations that may exist in our galaxy. This has become known as “Drake’s Equation” and it is used to calculate the number of civilizations in the Milky Way Galaxy whose electromagnetic emissions are detectable.

ARE WE ALONE IN THE UNIVERSE?In this three part series by Dr. Chris Coughlan, he explores a topic that many of us think about but few mention...New knowledge of our universe and popular science fiction like Star Trek has ensured that the existence of extraterrestrial life has become acceptable in the popular mind. But what is the actual possibility that intelligent life exists beyond Earth? Dr. Chris Coughlan reviews recent announcements and developments and how scientists have been trying to answer the old age question, “Are we alone in the Universe?”. He also shows that anybody with a home PC and an Internet connection can play an important role in the search for ET.

ExoplanetsIn recent years scientists have found that a significant number of stars they have observed exhibit “wobbles” that are caused by orbiting planets (exoplanets). This has led them to believe that possibly more than a hundred billion planets are strewn throughout the star-fields of our Galaxy alone and that about one in five Sun-like stars have an Earth-size planets within their habitable zone. Over a thousand planets have been detected by NASA’s Kepler Space Telescope since its launch six years ago. The most recent being the confirmation discovery of a potentially habitable Earth-size planet, Kepler 452b, in the “habitable zone” of another star located in the constellation of Cygnus over 1,400 light-years away. So statistically there is an overwhelming possibility that we are not alone. Now actually proving this with evidence is much more difficult but we are on our way with SETI, the Search for Extraterrestrial Intelligence (seti.org). SETI is the world’s current attempt to answer that age-old question - is there other intelligent life in the universe?

N = R* • fp • ne • fl • fi • fc • L

N = The number of civilizations in The Milky Way Galaxy whose electromagnetic emissions are detectable.

R* =The rate of formation of stars suitable for the development of intelligent life.

fp = The fraction of those stars with planetary systems.

ne = The number of planets, per solar system, with an environment suitable for life.

fl = The fraction of suitable planets on which life actually appears.

fi = The fraction of life bearing planets on which intelligent life emerges

fc = The fraction of civilizations that develop a technology that releases detectable signs of their existence into space.

L = The length of time such civilizations release detectable signals into space

FEATURE WRITER: DR. CHRIS COUGHLAN


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Each month in Business Cork, Little Island Business Association

will feature its news and information so that the 45,000

businesses in Cork city and county can become familiar with all that is

happening in the area of Little Island. With up to 1,000 companies and

up to 15,000 people working in the grater Little Island area each day, it

is an area rich with opportunity and with many great businesses who

are interested in doing business with other Cork businesses.

MEMBERSHIP OF LITTLE ISLAND BUSINESS ASSOCIATION

2014 has been a very successful year for Little Island with over 1,200

new jobs created in the area. We are seeking to keep a renewed focus

on the area for 2015 and seek to encourage more large scale employers

to the area as well as many more SME’s.

We are enhancing the offering for our members for the year ahead and

below in the new membership offer for our Standard Member and

Corporate Member.

Corporate Membership

12 month listing in Member Directory on LIBA website •www.liba.ie

Company profile feature in Business Little Island •magazine section of Business Cork

Full colour 1/4 page advert in Business Little Island •magazine section of Business Cork

Advert also displayed in online copy of magazine hosted •on our website

Opportunity to submit an article on specialist area to be •featured in the magazine

12 month membership of Network Little Island with 4 •meetings/year

Invitation to participate in Network Plus activities; talks, •demonstrations, tastings

Invitation to LIBA Summer Lunch with special guest •speaker

Invitation to nominate for and attend The LIBA Awards •2015

Opportunity to be a “Featured Member” in one of the •weekly e-Newsletters

Opportunity to submit news for the weekly LIBA •Newsletter going to 11,000 people

Discount of 50% on Membership of Ringaskiddy •Business Association

Discount of 50% on Membership of Cork North District •Business Association

Discount of 50% on Membership of Docklands Business •Association

The Rate for Corporate Membership is €500 (+ VAT).

Standard Membership

12 month listing in Member Directory on LIBA website •www.liba.ie

12 month membership of Network Little Island with 4 •meetings/year

Invitation to participate in Network Plus activities; talks, •demonstrations, tastings

The Rate for Standard Membership is €250 (+ VAT).

Further DetailsFor further details on all aspects of Little Island Business Association, please contact Michael Mulcahy at 021 5003064 or [email protected]

LITTLE ISLAND BUSINESS NEWS

JOIN US AS A MEMBER OF LITTLE ISLAND BUSINESS ASSOCIATION AND MAKE NEW CONTACTS, AND GENERATE NEW BUSINESS


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21

THE BUSINESS

OF

SHOWBUSINESS

with Amanda NeriIreland’s Bella Voce

Saturday Night with Miriam O Callaghan

What a thrill to be invited to RTE Studio 4 to watch Saturday Night, with Miriam O’ Callaghan. Fellow Corkonians Aileen Hickie and Matt Cooper gave a super and entertaining interview while Miriam O ‘ Callaghan was her usual professional and engaging self as the floor manager and cameramen issued commands and directions on a continuous basis throughout the show. A glitzy yet warm set welcomed a moving conversation with British journalist John McCarthy and Belfast author Brian Keenan who reflected on their friendship 25 years after their release, having been held as hostages in Beirut in Lebanon during the late 80’s. Northern Ireland band Relish composed of brothers Ken and Carl Papenfus, gave an absolutely riveting live

performance with superb lighting effects. Speaking to them later they expressed their excitement at releasing their new single “Got It Made” and have high hopes of its success after the reaction of the live studio audience. They were a pleasure to talk to and I look forward to meeting them again in the future.

Corpus Christi

This year thousands of people gathered in Daunt Square for the annual Corpus Christi Eucharistic Procession. the procession, celebrated its 90th year and was presided over by Bishop of Cork and Ross John Buckley, and Archbishop of Cashel and Emly, Kieran O’Reilly. The procession, which welcomed a large multicultural representation, was also joined by the then Lord Mayor of Cork City, Cllr. Mary Shields, members of the City Council, public representatives and representatives of University College Cork. I was honored to be the solo performer for the 5th year running and delighted with the response of the people of Cork, it is always a special feeling to represent one’s city at an event that has a long tradition and remains an integral part of Cork society.

Next MonthSpecial Report on Summers Evening at the Quad 10th Anniversary

PROFILE

COMPANY STRUCTURE1. Decide what is best for youThere are a few choices here for you to decide – limited liability or sole trader/partnership. Both have their pros and cons; it depends on your individual business.

PAYROLLPayroll is a critical business function within any organisation.

2. Have a system to record and file taxesThe onus is on you as the employer to ensure correct amount of taxes are deducted and returned to Revenue.

VAT 3. Register for VATIf your turnover is below €75,000 for supply of goods or €37,500 for supply of services, subject to certain criteria, you will not have to register for VAT. However it may be beneficial as you can claim a refund of VAT on expenses.

4. File VAT returns on timeThe fines and penalties attached to non payment of VAT are onerous. Avoid them by filing on time, every time.

CASHFLOW5. Know the importance of cashflowCashflow is the lifeblood of any business. Even a profitable company will fail if it does not successfully manage its cash flow.

REVENUEThe Revenue Commissioner is not your enemy.

6. Lower your chances of an auditAn audit can be both costly and stressful. Lower the chance of audit by taking some simple actions. The easiest one is to file returns on time, every time.

This also includes your annual return to the CRO. Ensure you file the correct amounts with no discrepancies.

EMPLOYEE RELATIONSEmployees are one of your biggest assets...and one of your biggest costs.

7.Utilise Benefit in Kind (BIK) schemesOne such BIK schemes is the Bike to work scheme. Employees can make a salary sacrifice for the purpose of buying a new bike and get tax relief on its purchase aswell as related accessories worth up to €1,000. Employer makes a 10.75% saving on their PRSI.

8. Give bonuses You can give a tax free voucher, capped at €250 per annum.

MANAGEMENT ACCOUNTS9. Monitor your accounts between returnsA lot can happen in the intervening time between yearly accounts. Keep up to date with regular management accounts by using a system or your accountant. Management accounts are quick to prepare and can have a big impact on decision making. They’ll help identify problems long before the annual accounts are prepared.

10. Decide KPIsEvery business should have a minimum of 6 Key Performance Indicators (KPIs) that they monitor weekly, monthly or quarterly. These can be critical in relation to the success and growth of your business.

THE MARGINS11. Know your margins It’s imperative that you know the margins on every product you sell. How else would you know if you’re selling at the right price?

HOW TO MAKE THE MOST OF YOUR FINANCES

By AG AssociatesAG Associates has managed over

€25million for clients across Ireland. Here, we share some tips to make the

most of your finances.

These are only a few of the ways to make your finances go further as well as being compliant with all the neces-sary bodies.

Contact us on Tel: 021 482 4723E: [email protected]: www.agassociates.ieUnit 11, Eastgate WayLittle Island, Co Cork


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Each month in Business Cork, Ringaskiddy Business Association will feature its news and information so that the 45,000 businesses

in Cork city and county can become familiar with all that is happening in the area of Ringaskiddy. With many of the great international businesses based here as well as being home to indigenous industry, there is much development earmarked for Ringaskiddy. From road network developments to the Port of Cork development, to the plans to make Cork harbour ‘The Sydney Harbour of Europe’, the area of Ringaskiddy is a vibrant location with a great residential community and many great businesses who are interested in doing business with other Cork businesses.

MEMBERSHIP OF RINGASKIDDY BUSINESS ASSOCIATION

RINGASKIDDY BUSINESS NEWS

Ringaskiddy Business Association will be a powerful group that will represent the area and seek to bring prominence and development to the region as well as a host of other things that are necessary and lacking in the area. Supporting the creation of new plans for the area as well as new businesses is the key and supporting people who want to start their own businesses is another key aim of the association.

Corporate Membership

Prominent representation as a Corporate Member of •Ringaskiddy Business Association

Listing on Ringaskiddy Business Association website •www.ringaskiddy.biz

A unique opportunity to showcase your business to all •businesses in the area and others doing business in the area

Exclusive ‘Meet & Greet‘ of politicians and guest speaker •at the annual Ringaskiddy Business Dinner

A display colour advertisement of 1/4 page in Ringaskiddy •Business News magazine section of Business Cork

The Rate for Corporate Membership is €500 (+VAT)

Founding Membership (on request)

Prestigious representation as a Founding Member of •Ringaskiddy Business Association

Inclusion of your company logo in the Ringaskiddy •Business Association website www.ringaskiddy.biz


Corporate Sponsoting of The Ringaskiddy Business •Dinner

Priority reservation of prestigious seats or a table at •the Ringaskidy Business Dinner

Exclusive ‘Meet & Greet‘ of politicians and guest •speaker at the pre-dinner Reception

Prominent recognition of your company on the website •as a Founding Member

A full page colour advertisement in Ringaskiddy •Business News magazine section of Business Cork

Editorial opportunities in Ringaskiddy Business News •magazine section of Business Cork

Inclusion of your company logo as a Founding Member •in Ringaskiddy Business News magazine section of Business Cork

Ringaskiddy House, Ringaskiddy, Co. Cork

E: [email protected] W: www.ringaskiddy.biz

T: 021 5003050 F: 021 5003055

A NEW ERA FOR THE DEVELOPMENT OF BUSINESS IN RINGASKIDDY

Standard Membership

Representation as a Member of Ringaskiddy Business •Association

Listing in the Ringaskiddy Business Association website •www.ringaskiddy.biz


Exclusive ‘Meet & Greet‘ of politicians and guest speaker at •the annual Ringaskiddy Business Dinner

The Rate for Standard Membership is €250 (+VAT)

Further Details

For further details on all aspects of Ringaskiddy Business Association, please contact Michael Mulcahy at 021 5003060, [email protected] or Susie Brown at 021 5003064, [email protected]

2015 Issue 6 HI MAGAZINE 28

VANILLA BOUTIQUEVanilla Boutique is situated in Fermoy and is in business for the last eight years,going from strength to Strength, vanilla was established by two sisters who have great passion and drive, the shop now has a wonderful staff on hand to help anyone looking for something different without the expensive price tag. It is known for its unique styles available at an affordable price. The team love their jobs and love to help when required. With regular stock changes and exciting styles it is hard to leave this store without a purchase, from your everyday casual looks to a stunning wedding outfit, it is all available here. With a strong online presence you will find weekly photo shoots to showcase their stocks to people who like to shop from home, a simple phone cal, will ensure next day delivery service to anywhere in the country, check them out on Facebook and instagram.

with Lorraine O’Neill

Exclusively for Ladies

SUMMER MENU TASTING ENJOYED BY ‘ELLE’ LADIES in THE ELM TREE GLOUNTHAUNEIt started as a simple post on the ‘Elle... exclusively for ladies’ face book page inviting ladies to enter a competition to be part of a small group who would try and taste sample dishes from the new ‘a la carte’ menu.

So many ladies supported the competition, names were short listed and the final list of 12 enjoyed a wonderful evening thanks to their hosts Lorraine and Derek Walshe but even more importantly Executive Chef Gerry Gillen and his team. Gerry carefully choose a selection of dishes from his ‘a la carte’ menu and presented delicate sized portions to please the ladies accompanied by wines.

Manager Roy O’Connell introduced each course and ensured the intimate group of 12 were looked after throughout the evening; from chilled prosseco on arrival in the outdoor

plaza to after dinner drinks to compliment the delicious tasting plate of desserts.

The conversation flowed from Summer vacations to botox and fitness aspirations. The presence of Irene Twohig of Educogym was definitely an inspiration towards fitness and local lady Denise Barry and her walking partner Sandra Murray pledged their intention to start a 12 day program after Denise’s forthcoming vacation in Turkey. Eileen McCarthy of GHS reminded me that we were meant to start this in January so renewed plans to kick off... soon! Another lovely lady, who we featured last month in HI, author Delia O’Callaghan was also heading for Turkey with her longtime friend Jan O’Connell.

Three elegant ladies sat together at the head of the table and each one unique in their own right: Colette Lynch who has raised three beautiful daughters and is now enjoying social freedom to the full, Pat Walker who models, blogs, presents and indeed contributes to a number of publications and Jackie Savage who is well known in the beauty and hair sector, owner of Vibrance Hair Salons and Glanmire Beauty.

Niamh Nash from Glanmire Medical Centre was also in good company alongside Niamh Horgan of ‘Sunshine and Umbrellas’ fundraising group and her close friend Sandra Dwyer formerly with Aer Lingus.

Niamh Horgan was telling ladies about her Western themed BBQ that was taking place the following Friday in Barry’s Bar Douglas. Another sellout event for the great charity worker.

Niamh also commented on the new decor in The Elm Tree as Derek and Lorraine have very recently upgraded again. Attention to detail is very evident throughout The Elm Tree from the 5 star standard of decor to the quality of food and overall atmosphere. Nothing is overlooked and ongoing and constant self reviews is what makes the property exactly what it speaks, as their own punchline says: Unique... Luxury ... Style.

A big thumbs up from all the lucky ‘ELLE’ ladies who had the privilege to be part of such a lovely group each one leaving with the sentiment; ‘I’ll be back’.

ellediary


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GALLERY: NETWORK CORK BLARNEY GOLF RESORT EVENT1. Lydia Myers and Ann Kinsley 2. Miriam Byrne - West Cork Healthy Life Style Retreats and Stephanie Lynch - On The QT 3. Danielle Healy, Aoife Dunne - Cork Chamber and Ciara Wilson - Salon Shop 4. Susie Horgan - Springboard PR, Finola Twomey - Fota Collection, and Sarah Halpin - Halpin & Co Solicitors 5. Elmarie Helleher - AIB and Lucy O’Donoghue - Lucy O’Donoghue Consulting 6. Carmel O’Keeffe - Dress For Success and Marie O’Shea - Personal Shopper Brown Thomas 7. Catherine Fennell, Codladh Samh and Karen Flemming - Hayfield Manor Hotel 8. Patricia Ryall - Duchas Coaching and Training, Caral Manning - CACM Accounting, Roisin Quain - Partnership International and Anne Marie Crowley - Freelance Training and Coaching 9. Norma Browne - Partnership International and Peigin Crowley - Buckley Crowley Consultancy

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Photos by Donagh Glavin


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Cork University Hospital (CUH) Charity has announced that its inaugural Gala Fundraising Ball, which is set to take place on October 9th in the Maryborough Hotel and Spa, will aim to raise vital funds for essential equipment and patient care throughout the hospital. Funds raised will go towards initiatives such as creating a new sensory area for children with special needs, providing sleeping facilities for parents, purchasing vital equipment to aid the diagnosis of colon cancer, and equipment to aid neurosurgery. It is hoped that the new children’s unit, neurosurgery and cancer services will all benefit as a result of the funds raised from the evening. Miriam Forde, Fundraising Manager at CUH

Charity, spoke about the upcoming ball: “We are calling on companies big and small to come behind this event and support us in our first ever Gala Fundraising Ball, which will go a long way towards providing new much-needed facilities at CUH. We are looking forward to hosting a great night at the Maryborough, with fantastic raffle prizes to be won and live entertainment by the Pat Fitz Band.” Tickets cost €150 or €1500 per table of ten and can be purchased online at www.eventbrite.com, by emailing [email protected] or by calling 021- 423 4529.For more information see www.cuhcharity.ie or follow CUH Charity on Facebook: Cork University Hospital Charity or Twitter: @CUHCharity.

CUH CHARITY LAUNCHES INAUGURAL GALA BALL

The Minister for Transport, Tourism and Sport, Paschal Donohoe TD, and Minister of State, Michael Ring TD, have announced an additional €100 million investment in Transport, Tourism and Sport for 2015. This brings the Department’s overall capital envelope for the year to €1.07 billion. This additional funding, which has been sanctioned by the Minister for Public Expenditure and Reform, Brendan Howlin TD, will further support our public transport system, allow for much needed maintenance of our road network and facilitate the speedier roll-out of projects this year. (See below for full breakdown of allocation). Funds will be allocated in the following way: €60 million for public transport to help address the underinvestment which took place since our economic collapse. €34 million will be provided towards critical remedial works, maintenance and strengthening of the road network at national, regional and local level. €1 million to enhance road safety, including investment in drug testing devices and other road safety related measures. €4.2 million will be allocated to tourism related projects, including further development of Ireland’s Ancient East corridor and the Wild Atlantic Way. €800k will be allocated to the National Indoor Arena, in addition to funding already committed, to accelerate the delivery of this world class facility for our athletes at the National Sports Campus.

€100M FOR TRANSPORT, TOURISM, AND SPORT

VERDE LED, who specialise in the design and manufacture of commercial energy saving LED lighting solutions, have recently won the tender to supply commercial LED fittings for the new Topaz Re.Store refits nationwide. This is a 110 store revamp programme of which approximately half of the stores are completed to date. The roll out is due to be completed by quarter 4 2015 for Topaz, Ireland’s largest fuel and convenience brand with a nationwide presence. MD of VERDE LED Paul Martin outlined: “VERDE are delighted to be part of the Topaz Re.Store retrofit programme. We have succeeded in designing both the fittings and store lighting layout to ensure that the new high end Topaz atmosphere is created and maintained. We are pleased to be able to help Topaz with their Environmental initiative to create more energy efficient stores with more appealing aesthetics across the network” VERDE LED has grown exponentially since its established in late 2009 to become one of the largest suppliers of commercial and industrial LED products and components selling product to 23 countries globally through the Irish headquarters in Cork.

VERDE LED WIN TOPAZ CONTRACT

CORK AT A GLANCE

IRELAND’s largest Independent Private ITEC College

ITEC LEVEL 3Certificate in Personal Training(including Fitness Instructing & Nutrition)

ITEC LEVEL 2Certificate in Fitness Instructing

ITEC LEVEL 3Award in Nutrition for Physical Activity

ITEC LEVEL 2Award in Instructing StudioCycling Sessions

ITEC LEVEL 3/4/5 Sports Massage Therapy

ITEC LEVEL 3Diploma in Holistic Massage

New MINDS

FITNeSSACADeMy

ITEC LEVEL 5Diploma in education& Training

New Minds Fitness & Beauty Academy, Unit 1 Brooklodge Business Park, Glanmire, Co. Cork

021 482 0649

www.newmindsacademy.com

New MINDS

BeAUTy ACADeMy

ITEC level 2 Diploma in BeautyTherapy

6 WEEK COURSE Certificate in ProfessionalMakeup

[email protected]

086 777 8689


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1. Alan Kelly - UCC, Darina Allen - Ballymalloe Cookery School, Philip O’Connor - Seymours Irish Biscuits, and Marian Byrne - Department of Agriculture and the Marine 2. Dr. Angela Sheehan - UCC, Eddie O’Neill - Teagasc, Norma Dinneen - Bo Rua Farm, and Peter Randall - Ayle Farm 3. Marie Brennan - HSE West, Shane O’Flynn - HSE South, and Anne Dwan - HSE South 4. Alex Sheehan - UCC, Catherine McGeachy - Food Writer 5. Noirin O’Dwyer - Noirin’s, Ian Magowan - Taste The View 6. Darina Allen - Ballymaloe Cookery School 7. Artie Clifford - The Irish Food Awards, and Eileen McClure - Killarney Toffee 8. Katie O’Callaghan - Corcorans Chemicals, and Jane Chadwick - Classic County Foods 9. Michael Keane - Department of Agriculture, John Moriorty - Rural Food Skilnet, Eileen McClure - Killarney Toffee, and Tom Kingston - Department of Agriculture

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Photos by Gerard McCarthy

GALLERY: ARTISAN FOOD SYMPOSIUM

JOIN uS AS A MEMBER OF CORK DOCKLANDS BUSINESS ASSOCIATION AND MAkE NEW CONTACTS, AND GENERATE NEW BuSINESS

Each month in Business Cork, Cork Docklands Business Association will feature its news and information so that the

45,000 businesses in Cork city and county can become familiar with all that is happening in the area of Cork Docklands. With many of the great businesses based here as well as being home to one of the largest tracts of waterfront land in the country, there is much development earmarked for Cork Docklands. With the developments at Pairc Ui Chaoimh, the new plans for public parkland and much commercial opportunity capable of creating thousands of jobs in the area, Cork Docklands is the jewel in the crown of Cork city and is a vibrant location with a great residential community and many great businesses who are interested in doing business with other Cork businesses.

MEMBERSHIP OF CORK DOCKLANDS BUSINESS ASSOCIATION

CORK DOCKLANDS BUSINESS NEWS

Cork Docklands Business Association will be a powerful group that will represent the area and seek to bring prominence and development to the region as well as a host of other things that are necessary and lacking in the area. Supporting the creation of new plans for the area as well as new businesses is the key and supporting people who want to start their own businesses is another key aim of the association.

Standard Membership

12 month listing in Member Directory on website www.•corkdocklandsbusinessassociation.ie

12 month membership of Network Cork Docklands with 4 •meeting a year

Inclusion in a page in Business Cork magazine each month•

Invitation to participate in Network Plus activities; talks, •demonstrations, etc

Discount of 50% on Membership of Little Island Business •Association

Discount of 50% on Membership of Ringaskiddy Business •Association

Discount of 50% on Membership of Cork North District •Business Association


Corporate Patrons

12 month listing in Member Directory on website •www.corkdocklandsbusinessassociation.ie

12 month membership of Network Cork Docklands •with up to 4 meeting a year

Inclusion in a page in Business Cork magazine each •month

Invitation to participate in Network Plus activities; •talks demonstrations, etc

Invitation to nominate and attend The Cork Docklands •Business Awards

Opportunity to be a “Featured Member” in one of the •quarterly e-Newsletters

Opportunity to submit news for the e-Newsletters•

Opportunity to submit news for the e-Newsletter •going out to businesses

Discount of 50% on Membership of Little Island •Business Association


Discount of 50% on Membership of Cork North •District Business Association


Further Details

For further details on all aspects of Cork Docklands Business Association, please contact Michael Mulcahy at 021 5003060, [email protected] or Susie Brown at 021 5003064, [email protected]

E: [email protected] T: @corkdocklands


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Graduation Gifts For Your UCC Graduate

Bespoke, artisan made pieces in solid silver for UCC by Alumni Designs

Graduation Lapel Pin

Large PendantBracelet with Charm & Tag

Cufflinks Pair Medium Pendant with Tag

This project has been supported by the LEOCC, an initiative funded by the Irish Government and part-financed by the European Union Structural funds programme.

Available exclusively at

Alumni Advert for Chamber V01.indd 1 10/09/2014 21:10

WITH GERALD KEAN

THE CORK BUSINESS SCENE

Tipperary International Peace Awards

Pic l/r Isabelle Fitzgerald, Lily Fitzgerald, Lisa Lee Fitzgerald, Ban ki-Moon with young Benjamin Fitzgerald & Padraig Fitzgerald founder of TheKinsale Peace Project. Following a very important event in Tipperary, last Sunday, Me & my family were invited to the Tipperay international peace award, in Which UN Secretary Ban Ki -moon was the receipent of this years peace award, Me & my family got a chance to speak with and meet the UN High Commisoner & his wife Mrs. moon, both were delightful, and asked our children Isabelle, Lily & Benjamin about their schooling etc. It was a very, very memorable day, a day we wont forget .

Suzanne Gallagher and her daugher Isabella

Live at the Marquee

Cork Airport welcomes today’s announcement that Aer Lingus is to operate a new Düsseldorf service for summer 2016. The new service, which will commence in May 2016, will operate twice weekly on Wednesday and Sunday. The announcement was made by Minister for Transport, Tourism and Sport, Paschal Donohoe TD at a press conference at Cork Airport. Minister Donohoe was also accompanied by Aer Lingus CEO Stephen Kavanagh.

Cork Airport Welcomes New Aer Lingus Dusseldorf Route

Laura Goyle with her daughter Noa

Launch of Boots Parenting Club

Sinead and Joan Coughlan of Galway in their 80’s gear at Chic at the Marquee

Opening of Irish Genealogy Summer School at UCC

Mary Catherine Moran (New Jersey), Colleen Cooney (Boston), Christine Sanderson (Australia), Jennifer Wood (Australia) and Patricia Crowley (New York)

“Protect Yourself Online” Forum

Jennifer Mellamphy from the Waterloo Renewal Group chatting to Cork North Central TD and Minister for European Affairs & Data Protection Dara Murphy at the ‘Protect Yourself Online’ information forum at the Muskerry Arms, Blarney, Co. Cork.


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1. Stephen Hegarty, Deirdre Wilson, Julie Riordan, and Dan Kiely from VoxPro 2. Carina Henriques from Portugal, Cassius Chahrour from Brasil, and Fabia Ribeiro from Portugal 3. Dan Kiely from VoxPro and Stella Temikaeva from Bishopstown 4. Nick Coffin from Dublin and Kirstin Schnippemkotter from Cork 5. Bastien Duterme from Belgium, Mavi Ortega from Spain, and Mario Prell from Germany 6. Vega Ruis and Leonor Gomez from Spain 7. Jan-Jaap Van Laar and Pepijn Krijnsen from Netherlands, Remi Couzinet and Thomas Argheria from France 8. Alba Roca from Spain, Paula Beslanti, Michele Sidella, and Andrea Spadoni from Italy 9. Joanna Tripoli, Livia Branchi from Italy, Michael McIntyre from Carrigaline, and Sara Paravisi from Italy 10. Hanne Healy, Hannelore Van Hoof from Belgium, Charlotte Van Walsem from Netherlands, and Cleo Connolly from Cork

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GALLERY: VOXPRO BARBEQUE


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The Minister for Defence, Mr. Simon Coveney, T.D. has launched a new recruitment campaign for General Service Recruits for the Army. The campaign is seeking to recruit young men and women from all backgrounds and ethnic groups that possess a strong sense of duty, enjoy working as part of a team and are looking for a rewarding career. Personnel recruited in the current campaign will have significant opportunities for training and development, serving in a wide range of missions and operations at home and overseas. Speaking on the launch of the campaign, the Minister said, “Maintaining Ireland’s defence capacity means that we need to recruit young people who are committed, adventurous and enthusiastic and who will bring that energy to ensure that we continuously reinvigorate the modern Defence Forces. The Minister went on to say: “I am also committed to ensuring that we

have a Permanent Defence Force that fully represents the modern Ireland in all of its dimensions, including gender, ethnicity and sexual orientation and the current campaign will endeavour to reach out to all those groups”. The Defence Forces are committed to full equality among all its personnel irrespective of gender, ethnicity or sexual orientation. The new recruitment competition will be run through a centralised online application system on the Defence Forces Website www.military.ie. The closing date for receipt of applications is Friday, 4 September 2015. In launching the campaign, the Minister confirmed that the Government is committed to maintaining the stabilised strength of the Permanent Defence Force at 9,500 personnel and that this current campaign will enable this to be achieved. The Army enlist about 350 General Service Recruits annually. Assuming

all phases of the new recruitment process are completed according to plan, enlistment of personnel from this new competition should commence in December 2015 and will continue thereafter.

MINISTER COVENEY LAUNCHES ARMY RECRUITMENT CAMPAIGN

CORK AT A GLANCE

JOIN uS AS A MEMBER OF CORK NORTH DISTRICT BUSINESS ASSOCIATION AND MAkE NEW CONTACTS, AND GENERATE NEW BuSINESS

Each month in Business Cork, Cork North District Business Association will feature its news and information so that the 45,000

businesses in Cork city and county can become familiar with all that is happening in the area of Cork North District. The Cork North District Business Association area includes the area from Cork city centre to the North Side of Cork city and to Mallow. With many great international, national and local businesses based here, the opportunity that the area has for business development is unrivalled. With a focus on wanting to see more services of all kinds locating in the area, Cork North District has the potential to revitalise the entire North District of Cork in a way that should have been progressed in the past number of decades. Cork North District is a vibrant location with a great residential community and many great businesses who are interested in doing business with other Cork businesses.

Exciting news for Cork North District with the creation of

CORK NORTH DISTRICT BUSINESS ASSOCIATION to promote the area and to brings jobs and services to it

CORK NORTH DISTRICT BUSINESS NEWS

For many years we have all wanted to see the area of Cork Northside and commuter belt getting more jobs, more services and more attention. This really hasn’t happened to any great extent and it has become apparent that something major will have to be done so as to address these issue. It is now proposed to create something that will have a lasting and significant benefit for the area and creating a considerable business association that will also be a lobby group for the area and will operate on a not for profit basis is the answer.

Cork North District Business Association will be a powerful group that will cover the area of the Cork North Central constituency and seek to bring jobs to the region as well as a host of other things that are necessary and lacking in the area. Supporting the creation of new businesses is the key and supporting people who want to start their own businesses is another key aim of the association.

There are two levels of membership available and we are creating a strong voice for our area and we would ask you to join us as a member.

Standard Membership

12 month listing in Member Directory on website www.•corknorthdistrict.com

12 month membership of Network Cork North District •with 4 meeting a year

Invitation to participate in Network Plus activities; talks, •demonstrations, etc



Discount of 50% on Membership of Docklands Business •Association


Corporate Patrons

12 month listing in Member Directory on website www.•corknorthdistrict.com

Company profile feature in Business Cork Magzine•

12 month membership of Network Cork North District •with 4 meeting a year

Invitation to participate in Network Plus activities; •talks demonstrations, etc

Invitation to nominate and attend The Cork North •District Business Awards 2016

Sponsorship at Cork North District Business Awards •2016

Opportunity to be a “Featured Member” in one of the •quarterly e-Newsletters



Discount of 50% on Membership of Docklands •Business Association


Further DetailsFor further details on all aspects of Cork North District Business Association, please contact Michael Mulcahy at 021 5003050, [email protected] or Michael Sikora at 087 9319788, [email protected]

NOF Commercial Centre, kilnap, Mallow Road, CorkW: www.corknorthdistrict.com E: [email protected]


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POWERVATION SELLS TO JAPANESE COMPANY ROHM FOR €70MThe Blackrock-based Powervation has been acquired for €70m by Japanese electronics giant ROHM. Powervation, a University of Limerick spin-out whose headquarters are on the Bessboro Road in Blackrock, was acquired by the Kyoto-based global leader in semiconductor sales in a $70 million deal last month. It is a remarkable result for what has been a short sale lead time and the company currently employs less than 40 people worldwide, with 20 of these working in Cork. ROHM spotted the innovation in Powervation’s work and saw it as essential to filling a gap in their own production, according to Powervation’s Vice President for Finance Frank Cassidy. Speaking to the Evening Echo, Mr Cassidy, who commutes to Blackrock each day from Ennis, said that Powervation’s digital semiconductors set it apart from most in the industry, with analogue still the norm.“ROHM operates at a very technical level. The difference is that they make analogue semi-conductors, while we make digital. They want to get into the digital space and fill that gap in their product line. So, they had two options. They could either hire engineers and spend years developing a product line, or they could buy an existing one. They weren’t after our customers or our profits, but our product.” ROHM have speculated that the addition of Powervation’s expertise will allow the development of industry-leading technology. The Japanese giant already clears $3bn per year in sales revenue, with even greater growth expected as a result of

the move. Jun Lida, a member of the ROHM board of directors, said: “The combination of our two companies will enable ROHM to develop industry-leading, integrated digital power solutions to serve a broad range of customers, markets, and applications spanning the entire spectrum from Computing and Communications to Consumer and Industrial.” Following the announcement of the merger, Powervation CEO Mike McAuliffe described the move as a ‘great fit’. Mr McAuliffe, who is originally from Midleton and is a UCC graduate, operates out of Powervation’s office in San Jose, California. He said: “The Powervation team is excited to join forces with ROHM, a top 25 global leader semiconductor company. It is simply a great fit – we have built an innovative Digital Power IC company to date, but the combination with ROHM now presents a compelling opportunity for broad market leadership in Digital Power Management solutions.” Both Mr McAuliffe and Mr Cassidy have indicated that operations in Cork are likely to increase after ROHM have conducted analysis of the purchase. The terms of the deal mean that Powervation will become a fully-owned subsidiary of ROHM, with its principal design centre remaining in Cork and system application centres in the US and Asia. While specifics have yet to be discussed, Mr Cassidy said that the likelihood is that Cork will become ROHM’s centre of excellence and that they will look to invest further in developing operations in the city once initial assessments

have been conducted. “ROHM want to invest in Cork. They will evaluate the needs in Cork. They want to understand the technology better and see what resources are here and what is needed. We are confident that they will continue to operate in Cork and that there will be a bright future for all of the guys here.” Mr Cassidy credited the importance of relocating to Cork as essential in determining the company’s success. Initially based in Limerick, the start-up struggled to compete with tech giants Intel in attracting talent. However, since moving to Cork in 2008, operations have grown steadily.Currently, the company’s Cork headquarters operates with seven nationalities, including Serbian, Romanian, Spanish, Italian and American. Additional facilities operate in Shanghai, San Jose and Taiwan. Mr Cassidy said that the company’s international workplace is indicative of both the lack of qualified electronic engineers in Ireland, and the attractiveness of Cork for overseas workers. “You won’t find an unemployed electronic engineer in Ireland! There was a move away from the industry in the last few years here and there are fewer graduates and, in particular, people with the required experience. But we have been lucky and we are benefiting from a melting pot of experience, which keeps us from getting stale. They like the size and location of Cork as a workplace and with Japanese influence adding to the rest, we should see something very exciting.”

CORK AT A GLANCE

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INDAVER HOST PUBLIC MEETING OVER RINGASKIDDY PLANSIndaver has hosted the first of a series of public information sessions regarding its renewed proposal to build an incinerator in Ringaskiddy. The company has said that their plans this time are different and that much has changed since the last planning decision in 2011. However, the new proposal has been met with more concerns from members of communities in Carrigaline, Cobh and Ringakiddy. Cllr Marcia D’Alton, who lives in Passage West, has been a vocal opponent of the incinerator in the past and she has criticised Indaver for returning to

the site having lost a planning decision for a €150 million toxic waste incinerator in 2011. “They have no business coming back. They have shown no respect to the community. We have put everything into opposing it – families, lives, money, hopes and dreams.” Cllr D’Alton also criticised the timing of the first information event, noting that many of those who had previously opposed the incinerator were unable to attend due to holidays and work. “It is an incongruous time to hold a public information day,” she said. Cllrs Cathal Rasmussen, Cobh,

and Padraig O’Sullivan, Little Island, encouraged the public to make use of the information days to learn more about the site and to familiarise themselves with all aspects of the plans.Managing director of Indaver, John Ahern, said the company was optimistic about the proposal this time on the basis of the successful operation of a similar plant in Meath, which opened in 2011.

Indaver Ireland’s John Ahern

“It is a different story this time because we have shown we can operate successfully in Meath. We feel this could be a game-changer – we have shown it can be done and done properly.” Project manager Jane Hennessy described attendance at yesterday’s session as ‘steady trickle’, and promised that further sessions will be staged down the line. She said they had met positive responses as well as negative ones. Ms Hennessy said that the company had learned from the previous refusal for planning

permission and that amendments had been made in this context. “We need to eat our humble pie before we can reconnect with the community.” The proposal in 2001 was for a 14,117 square metre plant on the Ringaskiddy site. The new proposal is 9600 square metres. It includes 300 construction jobs, lasting for two and a half years, and 65 jobs on the site thereafter.

CORK AT A GLANCE


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Amy ShineHolohan SolicitorsWaterview House16 Sundays Well [email protected]

Now that the summer holiday season is well underway, it is a good time to have a look at some recent developments in the employment law area.

National Minimum Wage (Low Pay Com-mission) Act 2015

The National Minimum Wage (Low Pay Commission) Act (the Low Pay Act) was enacted on 15 July last. The main purpose of the Low Pay Act is to establish a Low Pay Commission to carry out advisory functions in relation to the setting of a new level of national minimum wage. The Commission’s job will be to make recommendations to the Government in relation to the level of the minimum wage, based on an evidence-based evaluation. The Commission has already been in existence for almost a year and recently recommended a $.50 per hour increase in the national minimum. The recently issued first report of the Commission proposed that the wage should rise by 5.8% from the current rate of €8.65 per hour. The last increase of €1.00 to €8.65 an hour was in 2011 following a cut of €1 imposed by the previous Government earlier in 2011. The Commission does not propose any changes to the sub-minimum rates for young people and certain trainees.

Reaction to the Commission’s Report has been mixed. Employer groups are generally opposed to any increase and unions and social justice campaigners have called for a higher increase in the rate. There are a number of technical amendments to the Workplace Relations Act 2015 which will be brought about through the enactment of the Low Pay. The Low Pay Act commenced on its signing by the President and the provisions relating to the Workplace Relation Act are tied to its commencement date of 1 October next.

Workplace Relations Act 2015 The Workplace Relations Act 2015 was enacted in May and the Act has a commencement date of 1 October next. The main purpose of the legislation is twofold. First, to provide a statutory framework for workers who seek to improve their terms and conditions of employment and second, to re-introduce a mechanism for the registration of employment agreements between employers and employees and/or trade unions. In 2013 the Supreme Court held that the previous system of Registered Employment Agreements was unconstitutional. It is possible that the amendment to the Organisation of Working Time Act 1997 allowing for the accrual of annual leave while on sick leave may commence sooner.

Industrial Relations (Amendment) Act 2015The Industrial Relations (Amendment) Act 2015 was signed into law on 22 July last. The commencement date has not yet been released. This Act provides for an enhanced framework for collective bargaining in Ireland. It will provide a mechanism for workers who seek to improve their terms and conditions in companies where collective bargaining is not recognised by their employer. It also provides that Registered Employment Agreements (REAs) can be re-established and sectoral wage rates and conditions may be re-introduced.

FEATURE WRITER: HOLOHAN SOLICITORS

EMPLOYMENT LAW UPDATEAmy Shine Partner Holohan Law Solicitors & Business Advisers

Unit 8, East Gate Retail Park,Little Island, Cork.021 - 429 7696Email: [email protected]

Clonakilty Road,Bandon, Cork.023 - 88 66 600

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1. County Mayor Cllr Alan Coleman and Frances Lynch from Victoria’s Antiques 2. Marty Morrissey RTE, Yvonne O’Mahony and County Mayor Cllr Alan Coleman 3. Aoibheann and Caroline Canavan from Minane Bridge 4. Emma Coleman and Martin Lavin from Dungarvin 5. Lisa Quilten and Daniel Cowman from Friends of Marymount 6. County Mayor Cllr. Alan Coleman with Aisling Walsh, Tara Menzies - Mallow, Yvonne O’Mahony - Sundayswell, and Melanie O’Donoghue - Waterfall 7. Aoife Traynor and Tom Coughlan - Douglas

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Pictured at the Cork County Mayor’s Charity Ball in association with The Kingsley. The event was in aid of Friends of Marymount (Marymount Hospital & Hospice), Friends of Jamie Wall and The Margaret O’Dwyer Trust.

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Photos by Gerard McCarthy

1. Michael Mulcahy - Cork Civic Trust, Colette Lynch - Sundayswell, Kay O’Mahony - Monkstown, and Jonathan Smith - Big White Rabbit.com 2. Lucie Leroux - Cobh and Kay O’Mahony - Monkstown 3. Cllr. Susan McCarthy and Miriam Montagne from Midleton 4. Margaret Shannhan and Anne O’Callaghan from Rochestown 5. Denise Lucey and Tim Lucey - Ch Ex Cork County Council 6. Cllr. Noel O’Donovan - Rossmore, Deirdre Coomey - Ballinhassig, and Cllr. James O’Donovan - Bandon 7. Tara Menzies - Mallow, Ronan O’Donoghue - Waterfall, Melanie O’Donoghue - Waterfall, and Aisling Walsh - Mallow

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GALLERY: CORK COUNTY MAYORS BALL


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MOTORING NEWS

On test for this issue if the very stylish Lexus IS300h. A car that many said could not achieve 60mpg, because it wasn’t a diesel. In driving the IS300h for over 1,500km, I can vouch for the fact that 60mpg is achievable. The Lexus IS 300h is green, is good on fuel and is a pleasure to drive. Lexus designs cars specifically around hybrid now, and it manages to squeeze and shape the batteries down to a size that leaves a boot comparable to competitors. One thing to note with the IS300h is that you must remember to wait until the bleep after pressing the starter button before selecting drive. If you don’t, the hybrid systems get confused and tell you to shift back to P and try again. Some may question hybrid economy as only being good in town, but the IS300h proves it’s able to perform out of town too. The IS300h is remarkably good value and me and the Lexus get on famously. I was worried what implications there might be in choosing it over the almost now usual turbo diesel, but the reality is economy is exactly the same as or even better than other cars I have driven in the past, without the TDI rattle, external clatter and need to use gloves when you fill it up. It just somehow feels so much cleaner. With legalisation changing, it is the old diesels that’s the problem, and this is what the legislators are focusing on. Those that aren’t Euro 6 or at minimum Euro 5 are the smokey ones, the ones putting

out lots of nasty NOx. Driving a Lexus petrol-electric hybrid means we distance ourselves from such cars. The real advantage with a hybrid is the chance to really notch things up in situations where you may not be able to with a diesel – namely, in town. The punch of the electric motor and means that a half-gentle right foot is enough to set you away on electric-only power and cruise you to 30mph if there are no hills or obstacles in the way. The cabin is exceptional and the seating is one of the most luxurious in its class. A recommendation, Lexus must introduce electric parking brakes as the foot-operated lever feels out of date. Specification: 2015 Lexus IS 300h. Price from: £37,950. Engine: 2.5-litre four-cylinder petrol-electric hybrid. Power: 184hp (system total: 223hp). Torque: 221lb ft. 0-62mph: 8.4 secs. Top speed: 125mph. MPG: 64.2. CO2: 103g/km

Verdict: 5 stars and a good choice for the business community and in particular those who want to be more friendly to the environment with hybrid technology.

Test: Paudie Donegan of Lexus Cork, South Douglas Road, Cork 021 4817750

OPEL ADAMTHE SMALL CAR WITH THE BIG APPEAL THAT ROCKS

Kevin O’ Leary Motor Group is one of the main Opel dealers in Cork and our test car is the stylish Opel Adam. Opel has been completely reshaping and changing all of its models and as a brand they have become more stylish and interesting and the Opel Adam is no exception. I don’t think that there’s any denying that the Adam is a stylish car. It’s clear with this car that Opel are really focused on marketing and are picking their audiences with each model very carefully. The audience for the Adam is the younger, more fashion conscious. This car is a real head turner. It could be the colour compilations, and there are many! But I think a certain amount of the glances are on account of its styling. Although the Adam isn’t as retro as the Fiat 500 or as chunky as the Mini (even though the Adam is shorter and wider at 3.7 meters long and 1.72 meters wide), it still has its place in the styling race as being among one of the sportiest looking of its competition. The front seats are actually quite comfortable with plenty of leg and head room. This however means that it lacks space in the back seats, which is to be expected from this segment of car, the back seats are best suited to children. Other than the seating arrangements the dash is more attractive than that of its main competitors the Fiat 500 and the Mini.

The “IntelliLink” infotainment system which costs €350 is worth the price. This is your all-in-one multimedia system which allows you to integrate your smartphone, etc. This system is very easy to control through its 7” LCD colour touch screen or through the steering wheel itself. This is a front wheel drive car and at the moment it is available to Irish customers with a 1.4 petrol engine. The engine itself is smooth and powerful, especially considering the size of the car, but things tend to get a bit noisy when you stick the foot down. The maximum speed of the Adam is 185kmph reaching 1-100kmph in 11.5 seconds. The car desperately needs a 6th

gear which of course it should have. As to fuel economy, I averaged 6.6l/100km in Urban driving, 4.2l/100km in extra urban and 5.1l/100km in combined driving, which is very similar to what Opel claim. Road tax is just €200 per year as its CO2 emissions are 119g/km. There are three main designs available which are Slam, Jam and Glam with a new Adam Rocks now available also which is a much more sportier model to the line up. A base model can be bought from €14,995, and if you want to accessorize you’ll be looking at adding to that figure. This car is very likable and it’s nice to see Opel becoming more stylish. Contact Kevin O’ Leary in Silver Springs or Bandon for a test drive.

Verdict: 5 stars and a great choice for the style conscious man or woman who wants a small car with a very sporty feel and drive.

Test: Kevin O’ Leary, Kevin O’ Leary Silver Springs, 021 4503397

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A breakdown of venture capital funding into Irish tech companies shows a sharp disparity between Dublin and the rest of the country according to the Irish Independent. When it comes to tech investment cash, Dublin is blowing the rest of the country away. A 41pc surge in Irish venture capital funding is being sucked up almost entirely by Dublin-based tech companies, with Cork missing out completely. In all, Dublin-based companies hoovered up €253m of disclosed venture-backed tech investments last year, twice the amount of the rest of the country combined. By comparison, Cork firms attracted just €7.5m of declared VC funding. Tech firms based in Limerick and Galway gained small chunks of the rest of the venture pot, with €31m and €30m respectively. The overall figure for Ireland’s venture capital spend last year was €401m, including a number of undisclosed investments. The figures come from the Irish Venture Capital Association. Dublin also dominated the country in terms of individual funding rounds. Backers invested in 69 different tech and tech-related firms in the capital last year, with 40 throughout the rest of the country. Next best was Galway, with 12 separate investments, while Limerick saw eight tech-funding rounds. Cork is the biggest underperformer in Ireland, with just six individual investments logged in 2014. Outside Dublin, Galway showed the most evenly spread level of venture capital investment with Limerick’s marginally higher investment figure due to a single €23.5m investment in AMCS, the waste recycling software firm founded by Jimmy Martin and Austin Ryan. That Limerick funding round also pushed the average deal size in Limerick marginally above Dublin’s, to €3.9m per investment. Dublin’s average funding round was €3.7m, while Galway and Cork saw average rounds of €2.5m and €1.3m. Belfast attracted €15m in venture-backed tech investment here. The figures mean that venture capitalists are spending €200 per head of population in Dublin, compared to €161 in Limerick, €120 in Galway and just €15 in Cork. Business software remains the most common tech activity for venture-backed Irish startups and companies, making up almost half of all Irish venture investments last year. There was also a significant level of funding for Irish firms in the medical devices market, with 15 individual investments recorded, including the year’s biggest round of €42.8m for Dublin-based breast-implant firm GC Aesthetics. Electronic components is the third most popular technology category to receive investment here, with 13 separate rounds last year. Telecoms technology (10 investments) comes next, with financial technology (five investments), environmental technology (five investments) and biotechnology (five investments) following. Overall, software companies outnumbered hardware companies three to one in Ireland when it comes to garnering venture funding. Seed rounds still dominate the number in venture capital investments here, with around half of all deals struck for amounts of under €1m. Around a quarter of deals involve sums of between €1m and €3m, while a further quarter involve investments of between €3m and €10m. There were only seven disclosed venture deals of over €10m in Ireland last year, three of which were for medical devices or healthcare technology.

The figures are based on activity recorded by the Irish Venture Capital Association. As such, they don’t reflect all tech company activity, as many firms find funding through alternative means. Nevertheless, they paint a picture of a market dominated by Dublin. With the exception of small medical tech ecosystems in Galway and Limerick, Dublin is grabbing the lion’s share of investment and talent.This is not a surprise, say some senior market players. “From what we see, about 75pc of funding is going into the Dublin area,” says John Flynn, managing director of ACT Venture Capital and a board member of several successful tech firms. “The ecosystem is simply stronger. There are way more elements in place, from an accelerator community to advisory and support services. That is probably leading to migration, too. “You’re seeing startups that might have stayed in other parts of the country but now go to the Dublin because that’s where the services and ecosystem are.”A concentrated hub like this isn’t unusual, says Flynn. “If you look to the US, what’s happened there is that 90pc of capital gets invested in three geographic centres,” he says. “You have Silicon Valley, New York and Boston. Europe is going the same way. Already, 90pc of the funding is going to one of nine hubs around the continent.” Last year’s cash haul was the biggest venture capital pot here in a decade. While medical tech firms grabbed some of the largest individual funding rounds (Mainstay Medical’s €15m and GC Aesthetics’ €43m rounds among them), homegrown software companies are surging ahead in Ireland. The €401m raised here compares to the €7.9bn raised across all of Europe during the same period. This means that Ireland, with 1pc of the population, is taking about 5pc of the continent’s tech investment cash.It also signifies that, on a per capita basis, Ireland is close to the US tech funding scene. Last year saw $38bn (€35bn) in venture capital funding for US tech firms which is roughly the same per head of population as Ireland.Venture funding prospects for 2015 continue to look positive, say market activists. “There is still is a good stock of companies coming through,” said Flynn. “They’re in the right spaces, in internet and software, sensors and the internet of things. Connectivity is a huge theme, as is the whole app economy and analytics.” Software firms here are starting to think bigger, says Flynn. “In the Irish market, there is still a lot of enterprise-focused businesses. But now we’re seeing some of the scalability features that are common in consumer tech starting to see seep into enterprise tech.” However, tech firms face a number of hurdles to landing bigger rounds of funding. “The challenges they have are really around attracting the right skillsets, from engineering and product managers,” said Flynn. “That becomes even more important, and even more difficult, when you move into managerial roles for large capital rounds.” And venture funds themselves may face hurdles this year. “Having completed investments, a lot of venture capitalists will now find themselves out of their primary funding phase,” said Flynn. “So this year is a big year. To maintain momentum, they have to be successful in fundraising themselves.”

CORK NOT AT RACES IN VC FUNDING

CORK AT A GLANCE

How many of us have been with the same insurance broker for

several years and are happy with the service and in general the renewal price of

our policy? While many motorists have taken to the internet to the many online

companies who provide another great service and to be fair to them, a price to

match it. We all know that premium have been steadily rising now for a number

of years and as such we expect to pay a little more for the policy. However,

with the arrival of some new underwriting companies on the motor insurance

market, some choice has arisen, which is very welcome.

As a two car family, I am always conscious of insurance premiums and

thoroughly look at the renewal documents. In 2014, a minor accident that I was

involved in back in 2011, involving me and some rocks on my driveway was

noted on the policy, when I had to claim for damage to the under carriage of

the car which cost €2,119. I knew this would affect my NCB (no claims bonus)

for a number of years and it did. In 2014, I felt the premium was too high but

my broker reassured me that it was because of rising premiums and ‘that claim

I had in 2011’. I renewed and though no more until the renewal notice arrived

this month and for the first time I saw that any claims that you have had are now

listed on the notice from the broker with the amount paid in settlement. There

was the 2011 claim for €2,119 and imagine my surprise when I saw a second

settled claim for a whopping €22,827. This of course rendered my no claims

bonus to be hardly worth looking at. I contacted the broker who knew

nothing about it either and through further investigation it appears

that AXA who are the insurer through an underwriting company had

inputted this amount on my policy by accident. This accident was

described as the all too familiar clichéd line of ‘human error’, which

of course we know can occur and we are all capable of it at some

point in our lives.

As I write, the matter is under investigation by my broker and AXA.

I would expect that a new NCB will be issued and a new premium

for 2015/16. I also expect that a refund of the 2014 overcharge will

be made because true to my view that in 2014, the premium was too

high.

The key question for me is, how many more customers have

encountered this issue with AXA and how many more of us have

been overcharged for policies with claims attached to our policies that

are not genuine? AXA will need to make a public statement on the

matter and restore confidence to this customer and others if we are to

have trust in the company to represent us as our insurer.

Have you checked your renewal notice recently and have you been

levied with a ‘settled claim’ that is not yours and that has seen your

annual premium rocket?

Have you checked your motor insurance renewal document carefully so that you are not landed with a claim that isn’t yours? by: Michael Mulcahy

Business Magazine Cork

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