Latest news with #AlanCunningham
RTÉ News
02-07-2025
- Business
- RTÉ News
Irish-based Kerga completes deal for Germany's Münsterland
Irish food investment company Kerga has acquired Germany's Múnsterland J Lúlf - which specialises in ready-to-drink coffee and dairy products. The combined businesses are expected to have revenues of more than €60m next year, with the sale of 100 million products forecast. Today's deal marks Kerga's second acquisition, following the purchase of Donegal's Nomadic Foods in 2021. Founded over a century ago, Münsterland's iced coffees, protein drinks and natural energy teas are available in over 20 countries. Its brands include Jimmy's Iced Coffee. Kerga is jointly owned by BiaVest, the Irish specialist food investment group, and Development Capital, an Irish growth capital fund supporting ambitious, scaling Irish companies. In 2023, BiaVest also acquired German pasta manufacturer Riesa Nudeln. Alan Cunningham, Kerga's chief executive, Kerga, said today's deal is another major step forward in executing its European growth strategy. "We have a clear roadmap for further acquisitions and are focused on building a portfolio of premium brands and manufacturing assets in high-growth categories. Münsterland is an exceptional business with a proud heritage and a strong reputation for quality and innovation," he added. Manfred Fleige, Managing Director of Münsterland, said that joining Kerga marks a new chapter for Münsterland. "In Kerga, we have found a capital-strong partner with a great deal of expertise to support our ambition for the business, particularly in leveraging the site's growth potential. Kerga brings strategic vision, experience, and a long-term focus to help take the business to the next level," he said. "Together, we can unlock new opportunities, deepen and expand our co-manufacturing partnerships, and advance new production capabilities," he added. Hilliard Lombard, Kerga Chairperson and BiaVest co-founder, said that convenience food and beverage is a dynamic sector that demands versatility, innovation, and responsiveness to succeed. "Our acquisition strategy targets businesses with proven revenues of €20m-plus, strong track records, and clear scope for innovation and market expansion. Münsterland fits that profile perfectly, and we're excited about the role it will play in Kerga's next phase," he said.
Yahoo
15-05-2025
- Business
- Yahoo
Grim photos reveal 'ghost town' on doorstep of Australia's most iconic beach
With prime views overlooking Australia's most iconic beach, its baffling that a once-lively Bondi strip has turned into a "ghost town". Shopfronts are plastered with 'For Lease' signs, with dust gathering on the windows and no customers in sight. Mojos Tapas Bar has "been in business for over 15 years" and confirmed to Yahoo Finance this week that it was the latest fatality in the spate of closures on Campbell Parade. The popular Spanish restaurant joins other institutions like Bar34, The Anchor, Bondi Hardware, and Neighbourhood. Bar34 owner Alan Cunningham was forced to shut a couple of months ago and has serious concerns for the area, which he said was battling a "perfect storm". RELATED Local pubs being decimated by $4,000 'un-Australian' move: 'Should be free' Retirement warning as controversial $3 million superannuation tax change looms: 'Be proactive' Photo of huge lines expose $51 billion Gen Z trend sweeping Australia: 'Reaping the reward' "There's nothing there now... I think it's quite sad," Cunningham said. The bar owner told Yahoo Finance he faces "premium rents" and the number of tourists had dropped as a stalled $68 million property deal shut down a bustling backpackers nearby. Red tape like noise restrictions and bans on drinking outside were also stifling the hospitality industry, amid a wider culture shift from late-night parties to early rises and run latter trend blends in with the cost-of-living crisis, as a $5 coffee and a run at 6am is far cheaper than a $30 schnitzel and some live music in the evening. "No one's got any money to go out and buy drinks," he said. Cunningham, who bought into Bar34 in 2014, said the closure of Noah's neighbouring backpackers had hacked into his patronage as lamented the days where 100 people would be lined up outside to get into the live music venue. Sydney pub baron Jon Adgemis bought the property with aspirations of redeveloping the site to add a $25 million luxury apartment block, which has not come to fruition. So, it sits empty and tourists who were once just metres away are "leaving every day". "A full beach at Bondi does not mean all the businesses in Bondi are benefiting from them," Cunningham said. "The only guys that surviving are obviously the landowners that have hotels or the franchise operations." Former bartender at Beach Road Hotel told Yahoo Finance the beachside suburb was "just not a vibe anymore". "Friday night in Bondi are normally dead. I am assuming because everyone wants to get up early." Further down the road multi-million dollar redevelopments have refreshed the area, with bars, pubs and more fine dining reflecting what you'd expect from a lively tourist destination. The bartender said old venues like Ravesis and Bondi Royal or newer additions like Saltys or the Curly Lewis attracted crowds on a Saturday. Council restrictions on noise or bans on patrons drinking outside venues on the footpath also hampered nightlife, the Bar34 owner said. Similar issues have been raised about Sydney as a whole, with anti-drinking laws killing the nighttime economy. NSW Premier Chris Minns fired a warning shot at council over "useless" drinking laws, claiming "Sydney's nightlife has been strangled by red tape" when announcing bans on standing and drinking would be banned. "There's just too many rules and regulations, particularly when it comes to hospitality or having fun in Sydney," he said last year. "There's too many places around Sydney, not just in a CBD, that close pretty close to 8:30pm and there's a lot of people that want to go out and spend money and drive the economy. "Having an economy that fires after 5pm during the week is really important for cities like Sydney." Waverley Council told Yahoo Finance that it has been working hard to "re-energise" the local economy, "especially the night-time economy". The council claimed it had made "substantial progress". "Council resolved to review and relax restrictions around outdoor dining options and recently updated regulations to further support businesses," a spokesperson said. "This included fewer restrictions around the number of seats allowed on a footpath and an expansion in the maximum hours of operation for footpath seating." Despite this, Cunningham said he'd love to see more from the council to keep venues like his alive. "They've got to decide what they want Bondi to be," he said. "Do we want it to be a vibrant, late-night entertainment spot, say, like South Beach in Miami?" Cunningham said many venue owners have been told to hold on until summer as the Christmas-New Year period was usually bonkers for the industry. Some might have been be able to ride out the colder, quieter months in the past, but Cunningham said that's next to impossible now. "Last year, winter trading numbers started after Anzac Day in April," he said. "This year, it felt like it started in February... the young people just aren't around... We can't sustain it." The hospitality sector has been the worst-hit sector in the whole country, notching a record high 9.2 per cent closure rate for the 12 months to February. That's up from 7.1 per cent the year before. CreditorWatch noted hospitality venues have been hit with cost pressures from food price increases, as well as energy and insurance price rises, wage increases and higher rents. Those concentrated in the CBD have been affected by people working from home, and more broadly, the cost of living crisis has massively reduced consumer spending. Waverley Council has approved a New Years Eve party at the end of this year that will host 15,000 people, as well as the the Bondi Festival, which runs through July. "Council is investing record amounts into arts, culture and events next financial year to activate and bring life to Bondi, as well as investing into our streets such as Hall and Roscoe Streets to beautify the area," the spokesperson said. But Cunningham said he feared it might not be enough to resurrect the struggling area.
