Ireland Officially In Recession.

"AIB has appointed a receiver to Celtic Bookmakers Ltd. A statement from the directors, former minister Ivan Yates and his wife Deirdre, said significant job losses at the betting shops were inevitable.
The receiver, Neil Hughes of Hughes Blake Accountants, will try to sell as many of the shops as possible as a going concern, while other shops will close in the coming days.
The directors said they would work with the receiver to retain as many of the firm's 237 jobs as possible. Celtic has 47 shops in Ireland and two in South Wales. The two Welsh shops are not affected, though they are now on the market.
They said that due to significant bank debts of around €6m and money owed to landlords for 'top of the market' rents at shops throughout the country, the company was now insolvent.
Revenue at Celtic has fallen by 50% since the middle of 2007. The directors said they had cut costs by €5m and closed 12 shops since then, but trading conditions continued to deteriorate in 2010.
They said this had prevented the company from securing a suitable merger, refinancing or restructuring.
'Today is a profoundly sad day for our employees, for our families and for ourselves,' said Ivan Yates. 'Like many, we did not anticipate the rapid decline in the economy, but I acknowledge that the accelerated growth of the business placed the company in a difficult position given the extent of the recession,' he said.
The directors said they had supported the company from their personal resources and had outstanding unpaid loans with the company. They added that they would continue to face 'further significant financial challenges' due to personal guarantees with the banks. "

Pity that, i like Ivan Yates as a character.
 
After being back in Ireland at xmas, I couldn't believe the general cost of things.

It can't be right that it is nearly half as cheap to eat out in London as Cork. Supermarkets are much more expensive than England as well. Do people find the day to day cost of living extortionate?
 
del boy said:
"AIB has appointed a receiver to Celtic Bookmakers Ltd. A statement from the directors, former minister Ivan Yates and his wife Deirdre, said significant job losses at the betting shops were inevitable.
The receiver, Neil Hughes of Hughes Blake Accountants, will try to sell as many of the shops as possible as a going concern, while other shops will close in the coming days.
The directors said they would work with the receiver to retain as many of the firm's 237 jobs as possible. Celtic has 47 shops in Ireland and two in South Wales. The two Welsh shops are not affected, though they are now on the market.
They said that due to significant bank debts of around €6m and money owed to landlords for 'top of the market' rents at shops throughout the country, the company was now insolvent.
Revenue at Celtic has fallen by 50% since the middle of 2007. The directors said they had cut costs by €5m and closed 12 shops since then, but trading conditions continued to deteriorate in 2010.
They said this had prevented the company from securing a suitable merger, refinancing or restructuring.
'Today is a profoundly sad day for our employees, for our families and for ourselves,' said Ivan Yates. 'Like many, we did not anticipate the rapid decline in the economy, but I acknowledge that the accelerated growth of the business placed the company in a difficult position given the extent of the recession,' he said.
The directors said they had supported the company from their personal resources and had outstanding unpaid loans with the company. They added that they would continue to face 'further significant financial challenges' due to personal guarantees with the banks. "

Pity that, i like Ivan Yates as a character.
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First of many similar reports I fear for 2011 - Luigi Malones / Hi Cafe are being operated by a liquidator since the 26th - Its going to be a tough year!!!
 
Hamm,

In some cases a lot of businesses are still paying high rents, if these decrease, then prices may improve.

I presume that's the Luigi Malones in Temple Bar, not surpised to be honest, during the good times they charged outrageous prices for a middle of the road restaurant, I ate there once, never again, it was horrendous.

JohnJ
 
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Hamm said:
After being back in Ireland at xmas, I couldn't believe the general cost of things.

It can't be right that it is nearly half as cheap to eat out in London as Cork. Supermarkets are much more expensive than England as well. Do people find the day to day cost of living extortionate?
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You just get used to it but every now and again something comes along that makes you say WTF.My electricity bill is 219 euro for 2 months which I think is outrageous.
 
That happened to me this time two years ago Luke. Got a bill for €137 for my apartment that I was living in on my own. Outrageous did not cover it.
 
Taoiseach Brian Cowen is under pressure to provide further details of his contacts with former Anglo Irish Bank chairman Sean FitzPatrick before the bank went bust.

It follows weekend newspaper revelations that Mr Cowen played golf with the former banker just weeks before the bank guarantee scheme was introduced in September 2008.
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The implication is that the Bank Guarantee was planned to load the Irish Tax payer with the Banks debt. Personally I'd say Fitzpatrick Kept Cowen in the dark. The man who puts the 'if' in Biffo still won't resign as all his party colleagues jump ship around him.

​
 
True but would we not than have a General election and get this over and done with. We all know it's going to be an FG / Labour government already.
 
The whole place is paranoid about losing their job. I have never seen people so uptight and downbeat. Time to emigrate?




.
 
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Hamm said:
It can't be right that it is nearly half as cheap to eat out in London as Cork. Supermarkets are much more expensive than England as well. Do people find the day to day cost of living extortionate?
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The place sounds like Norway or Sweden without the statuesque blondes.
 
Hamm said:
After being back in Ireland at xmas, I couldn't believe the general cost of things.

It can't be right that it is nearly half as cheap to eat out in London as Cork. Supermarkets are much more expensive than England as well. Do people find the day to day cost of living extortionate?
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http://www.guardian.co.uk/news/datablog/2010/jun/30/city-costs-living#zoomed-picture

London and Paris are joint 17th, Dublin 42nd, Brussels 53rd and Stockholm 76th in this ranking of the cost of living in major cities.

I doubt that Cork comes any higher, Hamm.

The place sounds like Norway or Sweden without the statuesque blondes.
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If only Dublin was as cheap...
 
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It's a lot cheaper to shop these days, shows how much they where milking us. I haggle over everything now. If they don't want the work they won't haggle, most haggle.
 
Grey said:
http://www.guardian.co.uk/news/datablog/2010/jun/30/city-costs-living#zoomed-picture

London and Paris are joint 17th, Dublin 42nd, Brussels 53rd and Stockholm 76th in this ranking of the cost of living in major cities.

I doubt that Cork comes any higher, Hamm.



If only Dublin was as cheap...
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I would forget about that Grey, it's completely misleading.

There is simply no way the average cost of a coffee in Paris is 3.50 (pounds) - did whoever 'researched' this even go there? That is over 4 euro! I have spent a lot of time in Paris and only ever once paid an amount similar to this, and that was done with the knowledge I was paying to sit in a cafe with a lot of history attached to it.

These surveys as usually best forgotten about - for example, the list of best cities in the world usually has Geneva near the top. I lived there for over a year and there is no way anyone could believe this.

Cork is more expensive than London for day to day costs, whether that be supermarkets, restaurants, price of a pint, electricity bills. Rent is the only thing more expensive over here.
 
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Subjective stuff, Hamm. It's obvious to anyone visiting them that Paris and London are horribly expensive.
 
Grey said:
Subjective stuff, Hamm. It's obvious to anyone visiting them that Paris and London are horribly expensive.
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I agree it's subjective, but it is cost of living we are speaking about, isn't it, as opposed to tourist costs? For example, the first time I went to Paris, I went straight to the Champs Elysees and spent a fortune on not very much. I've hardly been back there since and know where to go for good, reasonable food and drink. Same for tourists in London eating around Leicester Square/Piccadilly - it's not representative of London prices.
 
I agree it's subjective, but it is cost of living we are speaking about, isn't it, as opposed to tourist costs?
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That was not entirely clear, the first thing you mentioned was the cost of eating out, the second was prices in supermarkets.
 
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