Business

Business Review of the Year - November

An image of the proposed gold mine in Co Tyrone, which could create hundreds of new jobs in the local area
An image of the proposed gold mine in Co Tyrone, which could create hundreds of new jobs in the local area An image of the proposed gold mine in Co Tyrone, which could create hundreds of new jobs in the local area

:: CRAIGAVON pharmaceutical firm Almac has continued its global expansion, with the acquisition of a major Athlone business and the promise of almost 150 new jobs in England. The Almac Group has acquired internationally recognised analytical services company, BioClin Laboratories in what it is believed to be a multi-million pound deal, taking over its 14,000 sq foot facility at Garrycastle. The developments follow the announcement of a multi-million pound expansion of Almac owned Arran Chemical Company, also based in Athlone, and acquired by the pharmaceutical giant in 2015.

:: The Northern Ireland arm of Japanese manufacturing giant Ryobi vows to return to profit after reporting a £4 million loss last year. Ryobi Aluminium Casting, which makes components for the automobile and electronics industries from a 79,500 sq ft site in Carrickfergus experiences an almost £5 million fall in profits for the year ending December 31, with project delays cited as as one of the key reasons.

The Co Antrim subsidiary reported a loss before tax of £4.2 million last year compared to a profit of £862,442 in 2015.

:: A number of court challenges are mounted to prevent more than 20 pubs in the north from having their drinks licences renewed - because they allegedly allow illegal gambling on their premises. The cases are being brought by a number of individual bookmaking chains, including the locally-owned Toal's and McLean's, who are frustrated that the authorities aren't doing enough to stamp out illegal gambling.

Mac's Bar and Frank's Bar, both in Lisnaskea, Co Fermanagh have their drinks licences refused after a court ruled them to be "unfit licensees"

:: Work to recalculate rates on over 75,000 non-domestic properties in Northern Ireland is set to begin, the Department of Finance has confirmed. The department said that a non-domestic rates revaluation exercise is set to begin with a view to preparing a new list for use from April 2020. Land & Property Services (LPS) will revalue all non-domestic, mainly business properties in the north for rates and the new values will be used to calculate future individual rate bills for businesses and organisations.

:: UK Chancellor Phillip Hammond reveals his Autumn Budget, which includes plans to bolster the Northern Ireland Executive’s budget by £660 million. Also included is plans to start negotiations for a Belfast City Deal, an increase in the personal tax allowance from from £11,500 to £11,850 and a proposed review into the impact of VAT and air passenger duty on tourism in Northern Ireland

:: A planning application is lodged by Canadian firm Dalradian Resources to build a new £750 million gold mine in Co Tyrone, which could create over 1,000 jobs west of the Bann.

In one of the largest foreign direct investments proposed for Northern Ireland in the last decade Dalradian has said $1 billion (£750 million) is to be spent building and operating the Curraghinalt underground mine over the lifetime of the project (25 years), with £46.3 million of private investment already secured towards the latest phase of work.