Modern Tyres progress with Newry factory and new flagship Belfast depot
THE north’s largest independent tyre firm has been given the go-ahead for a new multi-million-pound factory in Newry as it prepares to open a new flagship depot in Belfast.
Modern Tyres has suggested that around 40 jobs could be created at its new 83,000 sq ft manufacturing facility in Newry’s Carnbane Business Park, close to the base for the MJM Group.
Industry monitor Construction Information Services (CIS) Ireland has estimated that the project could be worth £5.6 million.
Modern Tyres currently runs an operation within the Invest NI-owned industrial estate, located north of the city.
The company, established in Co Fermanagh by Dublin-native Jimmy Byrne in 1965, has around 42 branches across the island of Ireland, including 34 in the north.
Mr Byrne stepped down as a director just over two years ago.
Now largely run by his four sons, Modern Tyres has continued to expand in recent years, largely through acquisitions.
Modern Tyres is currently recruiting for its latest investment in Belfast. The new flagship depot at Duncrue Road within the Belfast Harbour estate, is due to open in the second quarter of 2020.
The company acquired the large site in the north Belfast industrial estate in December 2016, securing planning approval to develop a new depot in August 2018.
The firm’s next major development in Newry, emerged out of a perceived niche in the market for quality wheel and rim mounting products for lorries and agricultural vehicles.
As well as rim and tyre manufacture, the centre will also be geared toward the refurbishment of wheel rims.
The planning application, which has been approved by Newry, Mourne and Down District Council, also provides for office and welfare facilities, yard storage areas and site works.
The latest set of accounts published for Modern Tyres revealed a 71 per cent surge in revenues to £38.3m during 2018.
An increase in outgoings left pre-tax profits at £2.2m at December 21 2018.
The recent expansion saw its workforce increase from 142 in 2017 to 238 during 2018. It resulted in the group's bill for staff costs doubling to around £6.7m.