IRELAND: More pubs to close - report
Irish pubs facing cash squeeze
Heineken Ireland's managing director has predicted that more pubs will close down in the country as banks pull overdraft facilities, according to a report.
David Forde said that there are "severe strains" on working capital in Ireland's on-trade and that running a pub was turning into a part-time job as lack of funds reduced opening hours, according to the Irish Examiner newspaper today (16 June).
Forde's comments came at an address to the Cork Chamber Business Breakfast in association with the Irish Examiner.
Nearly one in six jobs in Ireland's alcoholic drinks sector has been lost since the country slipped into recession, said trade body Drinks Industry Group of Ireland (DIGI) in its annual report in March.
Drinks volume sales fell by 9% in 2009, following a 6% drop in 2008. DIGI predicted a further 5% fall in 2010, with the on-trade continuing to be hit disproportionately hard.
Industry leaders praised the Government for reducing duty tax on alcohol by 20% last December.
M&A activity within the beer sector this year has been limited to just the one big transaction, in Mexico. Larry Nelson believes, however, that 2010 could have served as the calm before the storm, wit...
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