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After the deluge
that was the last month, Vitis fans can add long-range weather forecasting to
the many reasons for picking up this magazine. We highlighted the problem and
its insurance implications four weeks ago, at the beginning of what turned out
to be one of the wettest Novembers on record.
AIB is gearing up to close two of its prime city centre branches in Dublin. Both
outlets - at 12 St Stephens Green and 64 Grafton Street - are due to close by
February. The latter branch's business is being amalgamated with the branch at
100 Grafton Street while customers of St Stephens Green have been asked to move
to the branch at 1 Lower Baggot Street.
The bank claims it is not viable to have the existing number of outlets in such
close proximity to each other; four basically in the space of less than one kilometre.
According to AIB sources, a decision on whether to sell the two buildings (AIB
actually owns both buildings) or simply rent them out, won't be taken until the
new year. The bank claims to spend over E30m a year on its branch network and
has opened 26 new outlets since 1997. As well as a higher focus on telephone and
online banking services, it has recently looked more at opening more branches
in suburban locations.
The branch being closed on St Stephen's Green is adjacent to the former Aer Lingus
office on the corner of Dawson Street, which has recently been renovated as an
Elvery's sports store.
This valuable strip between Grafton Street and Dawson Street is rapidly changing
hands and usage. DTZ Sherry FitzGerald, for instance, is quoting E13m as an asking
price for interested parties in the Hibernian United Services Club, four doors
up from AIB at 8 St Stephens Green. In addition, the upmarket UK-owned fashion
retailer, Reiss, which has just opened at the top of Grafton Street is currently
paying the highest commercial rental rate in Dublin - a whopping E445,000 a year.
Vitis notices that Northern Ireland's largest stockbroking firm, Cunningham Coates,
has been involved in corporate activity for the second time this year, a relative
frenzy of activity after nearly 160 years of staid existence.
NCL, which bought Cunningham Coates from Ulster Bank for stgPounds 10 million
in July, has merged with Smith & Williamson, another UK brokerage. No value
has been placed on the deal.
Cunningham Coates specialises in the provision of portfolio management, largely
for high net worth private clients. It has over stgPounds 1 billion in funds under
management and administration and employs 77 people in Belfast and Derry.
Smith & Williamson is one of the ten largest professional and financial services
firms in the UK. The group has 1,100 employees based in London and at a further
eight offices in the UK.
The battle of the ice rinks in Dublin officially took off last Friday, when the
long-awaited "Dublin On Ice at Smithfield," the one backed by Dublin
City Council and BUPA, was officially opened by the Dublin City Council Glitterati.
Avid readers will remember that the rival rink "Ice@IFSC" which was
the brainchild of young entrepreneur Hugh O Morain a number of weeks previously
and has since then been both promoted and hauled over the coals by Marian Finucane
for alleged under-delivering of the winter wonderland experience. Each rink is
vying for both family and corporate business and their hourly rates range from
E7.50 to E10; hefty enough, at least in comparison to the European counterparts
that both are so eager to emulate. Most outdoor rinks in Hamburg, Munich, Paris,
Amsterdam Copenhagen or Vienna don't charge at all or charge a maximum fee of
about E7 which allows you to skate for as long as you like.
While young O' Morain is understood to have acted to tackle some of the alleged
shortcomings of his dry ice rink, highlighted on radio, Vitis hears that his real
ice competitor at Smithfield almost didn't make it to opening night at all. The
organisers, it seems, may have underestimated the current unpredictable weather
conditions. Due to unseasonally warm weather, York Ireland, the refrigeration
and air conditioning company that provides the equipment to keep the rink frozen,
were called in an hour before the official opening to keep the ice, well, frozen.
Meanwhile the rink had to close for a number of hours last Sunday, due to the
threat of high speed gales. We wish them both well, but maybe as a race we just
weren't meant to skate.
Vitis hears that among the parties expressing interest in buying GI (Gay Ireland),
from Mike Hogan's Hoson portfolio of publications, was the Gay and Lesbian Equality
Network, which proposed raising a special fee from its members to fund the purchase.
A truly co-operative venture if it succeeds, though we were unable to ascertain
at time of going to print how negotiations, if any, were proceeding.
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