Sean Mulryan

Kepak ordered to pay better terms to redundant workers

Meat-processing business Kepak has been told by the Labour Court to pay 10 workers it made redundant four weeks' pay per year of service inclusive of statutory entitlements. The company did not attend the hearing and did not correspond with the court in relation to the disputed issues.

Trade union Siptu claimed that the workers were being paid less than their appropriate statutory entitlements and that they had been told that the boning hall was closing and they were being made redundant. However the boning hall remains in operation, with staff from the killing line carrying out boning duties, the union said.

Kepak has a turnover of more than €750m and employs more than 2,000 people.

It has nine manufacturing facilities across Ireland and Britain. Its convenience brands include Big Al's and Rustlers.

Ballymore restarts London project

Sean Mulryan's Ballymore Group is restarting work on the Bishopsgate Goods Yard site in the City of London as part of a joint venture with Hammerson, which is looking to buy Irish developers' loans on UK properties.

They had previously warned that if they had to pay towards the cost of the Crossrail public transport project, the development of the site would be unviable.

Precinct eats into €8.5m impairment but makes loss

Precinct Investments, which owns the Gresham hotel group, was able to reverse an impairment of nearly €8.5m in 2009 after the value of one of its assets improved. However, the company made a net loss of nearly €6.6m in 2009, according to recently filed accounts.

Auditors PricewaterhouseCoopers inserted an emphasis of matter into the accounts stating that there was a "material uncertainty which may cast doubt about the company's ability to continue as a going concern" because its loans were being moved into Nama.

Subsequent to the year end it sold its hotel in Britain which reduced its debt levels by €37m.

NRA tries to have legal action heard in Commercial Court

The National Roads Authority, headed by Fred Barry, is trying to have a legal action it has taken against public private partnership vehicle Celtic Roads Group (Dundalk) heard in the Commercial Court. The company developed an 11km stretch of toll road near Dundalk, and its shareholders include Irish infrastructure group NTR.