Weekly Business Digest: Key Developments in Ireland’s Financial Landscape

Hello and welcome to our weekly digest of business, financial, and economic news from around Ireland. This week brings intriguing updates that reflect the dynamic interplay between corporate strategy, shareholder activism, and market shifts.

Celtic FC Shareholder Dynamics

A group of Scottish businessmen is making waves in the football realm by attempting to build a bloc of voting shares within Celtic FC to challenge the club’s largest shareholder, Dermot Desmond. Spearheaded by David Low, an investment figure from Glasgow, and Duncan Smillie, a former chairman of Partick Thistle, this initiative is manifested through a newly formed organization: Celtic Supporters Limited (CSL).

CSL’s primary objective is to acquire shares and reactivate dormant ones, which would empower them to vote down propositions from the club’s management during annual meetings. This move plays into a broader narrative between Desmond and segments of the fanbase, many of whom are shareholders. Tensions escalated during a contentious annual meeting last November, underscoring the growing rift.

Smillie has already disclosed that CSL has engaged with several medium-sized shareholders, who have shown willingness to collaborate. With approximately 1% of the shares already secured, CSL harbors ambitions of amassing between 25% and 30% of the voting bloc—sufficient to call extraordinary meetings and potentially block any sale of the club.

Sweepr’s Strategic Acquisition

In the tech sector, Plume Design, a California-based wi-fi intelligence firm, has completed the acquisition of Sweepr Technologies, founded by Alan Coleman in 2017. While the terms of the deal remain undisclosed, industry speculation suggests it is valued in the high eight figures.

Sweepr, which utilizes AI to enhance customer support for telecom operators, has previously attracted substantial investment from notable sources like the Amazon Alexa Fund. Following this acquisition, both Coleman and his fellow founder, Jim Hannon, will take on significant roles in Plume, with Coleman becoming the Chief Product Officer and Hannon the Chief Architect.

The merger is anticipated to create synergies between Sweepr’s offerings and Plume’s existing technology, enhancing the customer experience across their network solutions.

Law Firm Expansion in Dublin

Mason Hayes & Curran, a prominent law firm in Ireland, is on the lookout for new office space in Dublin, having engaged Savills to assist in its search. Currently based at South Bank House on Barrow Street, the firm is considering a move to a location that can accommodate up to 10,000 square meters to support its growing workforce of over 700.

Since 2006, the firm has been located in the heart of Dublin’s technology hub, Silicon Docks. With expanding operations, they are reassessing their office space requirements to foster continued growth.

As professional service firms increasingly seek larger office footprints in Dublin, this trend highlights the city’s evolving role as a major business center. Recent relocations by other firms like A&L Goodbody and Deloitte further underscore this shift.

Valeo Foods’ Strategic Reevaluation

In the food industry, Bain Capital has temporarily shelved the sale of Valeo Foods Ireland while reassessing the strategic direction of its parent company. Bain had explored a sale of this division—home to iconic brands like Jacob’s and Odlums—but appears to have hit a pause after probing potential buyers.

Food industry insiders note that while the Irish brands are well-established, they face challenges in a modern marketplace full of fragmentation and low growth. Bain’s renewed focus seems to lean towards repositioning Valeo as a leader in the sweets and confectionery sector, a rapidly growing category in Europe.

Intriguingly, Valeo reported a 25% increase in operating profit, hinting at the resilience of its operations despite a reported pre-tax loss largely attributed to acquisition costs.

Applegreen Faces US Market Challenges

Applegreen, the well-known petrol retailer, is experiencing a slowdown in its expansion efforts in the US market. Analysts predict a 4% decline in revenues for 2025, attributing this trend to lower fuel prices and subdued revenue growth.

Although the company has ambitious plans for expanding its service stations across the US, Fitch Ratings has noted that Applegreen’s performance will be compromised by weak trading conditions in the American market. The anticipated revenue growth will primarily come from increases in food and store sales, juxtaposed against declining fuel volumes.

Despite these obstacles, Applegreen continues to invest significantly across markets, including plans for substantial electric vehicle charging infrastructure, reflecting a broader strategy to adapt to changing consumer needs and market dynamics.

This week’s updates highlight the diverse challenges and opportunities facing businesses in Ireland. From shareholder activism in sports to strategic corporate acquisitions and market shifts, the landscape remains vibrant and complex. Keep an eye on these developments as they unfold.