Latest news with #EastCoastBakehouse
Irish Independent
04-07-2025
- Business
- Irish Independent
Carol Tancock named interim chair of The Housing Agency
Ms Tancock, who was an independent, non-executive director of the agency prior to the appointment, joined its board in 2023. Her appointment as interim chair of the state agency has been confirmed by James Browne, the Minister for Housing, Local Government and Heritage. Mr Carey was also the chairman of Enterprise Ireland, but resigned from that role too at the same time last month. The agency named board member Jim Woulfe as its interim chair. Mr Carey resigned from the boards of the two state agencies after his East Coast Bakehouse company remained in breach of company law by failing to file its annual return, including its accounts on time. The company has been in breach of the law for more than 18 months, putting Mr Carey at risk of prosecution. He pledged last month to file the accounts early in July. Drogheda-based East Coast Bakehouse sells cookies under its own brand as well as manufacturing private label product for clients including supermarkets. It has a number of high-profile financial backers. Mr Carey said it recently completed a €5m 'growth equity' fundraising. The business, founded in 2015, has racked up substantial losses. Thousands of companies are typically in breach of the law at any one time in Ireland. While the potential statutory fines and penalties for failing to file returns on time are sizeable, the reality is that few directors are ever prosecuted in Ireland for non-compliance with their relevant legal obligations under the Companies Act. The Companies Registration Office (CRO) isn't even able to currently undertake the automated strike off of non-compliant companies because of an IT issue that has persisted for more than a year. The Department of Enterprise, Trade and Employment revealed in May this year that the total cost of the troubled IT platform at the CRO, called Regsys, was €2.9m between 2017 and 2020 when it was implemented. The system was developed by a firm called ERS Limited, according to the Department. The CRO also spent almost €1.2m last year and more than €313,000 on the system so far this year on support and maintenance. The Department said it could not isolate the specific costs associated with fixing the IT issue that has affected it.
Irish Post
15-06-2025
- Business
- Irish Post
Businessman Michael Carey steps down from two state agencies following late account filings
BUSINESSMAN Michael Carey has stepped down as Chairman from both Enterprise Ireland and the Housing Agency following late account filings for his company, East Coast Bakehouse. Mr Carey, who is Executive Chairman and a major shareholder at the biscuit manufacturer in Drogheda, Co. Louth, said it was with regret that he was stepping away from the voluntary positions. However, he denied any suggestions of financial issues with his company, saying the issue of late filings was widespread and that his firm was only highlighted due to his state agency roles. "I would like to thank Michael Carey for his work and dedication to Irish enterprises over the last two years as Chair of Enterprise Ireland and wish him all the best in the future," said Peter Burke, Minister for Enterprise, Tourism and Employment. Administrative errors Mr Carey said the late account filings with the Companies Registration Office (CRO) for the East Coast Bakehouse was down to management administrative errors. He added that the delay was compounded by an unexpected need to change auditors and that the accounts for the periods affected are completed and expected to be filed next month. "The widespread issue of late filings of accounts with the CRO has been highlighted in recent months, with over 15,000 firms in a similar position each year," he said, as reports the Irish Independent. "This issue of this late filing at East Coast Bakehouse has received particular media attention due to my role as chairman of these state agencies. "I accept personal responsibility for the failure of the business to comply with this corporate governance requirement and the heightened requirement to fully comply, as chairman of a number of state boards. "A late filing fee will be paid as appropriate and actions have been taken to avoid any future reoccurrence. "In order to avoid embarrassment to the ministers and any distraction from the crucially important jobs undertaken by these two agencies, I will step aside from these roles with immediate effect." 'Dedicated to supporting Irish exporting businesses' A statement from Enterprise Ireland said that since Mr Carey was appointed Chairman in September 2023, companies it supports have delivered record job growth and export results. "Michael gave huge time and commitment as Chairman and was dedicated to supporting Irish exporting businesses at all stages of their development," said Kevin Sherry, Interim CEO of Enterprise Ireland. "Throughout his time as Chairman, he constantly focused on how our organisation can better support Irish businesses. "He brought the voice of the client and the insights of an entrepreneur to the table ensuring that clients were at the heart of every conversation." A statement from the Housing Agency said that after being appointed in 2018, Mr Carey oversaw a period of rapid growth for the agency, which saw its role and functions greatly expanded. It added that Mr Carey's leadership helped steer the organisation through this period of change. "Michael has been a committed leader whose extensive experience and skills have been greatly appreciated by the Agency," said CEO Martin Whelan. "We thank him for his many years of service."
RTÉ News
13-06-2025
- Business
- RTÉ News
Michael Carey resigns as Chair of Enterprise Ireland and the Housing Agency
Businessman Michael Carey has resigned as Chair of Enterprise Ireland and Chair of the Housing Agency. Mr Carey is co-founder and Executive Chairman of biscuit producer 'East Coast Bakehouse'. In a statement, Mr Carey said it was with regret that he was announcing his resignation from the two voluntary unpaid/un-expensed state board positions. "Recent media reports have highlighted late account filings with the CRO for our business East Coast Bakehouse, where I'm a major shareholder and executive chairman," Mr Carey said. "This has occurred due to management administrative errors." "The delay has been exacerbated by an unanticipated need for a decision by our board to change our auditors." "There is no suggestion of any financial issues at the company; the accounts for these periods are completed and the fully audited accounts are expected to be filed in the CRO by early July," he added. Mr Carey said that issue of the late filing has received particular media attention due to his role as chairman of two state agencies. "I accept personal responsibility for the failure of the business to comply with this corporate governance requirement and the heightened requirement to fully comply, as chairman of a number of state boards. A late filing fee will be paid as appropriate and actions have been taken to avoid any future reoccurrence." "In order to avoid embarrassment to the Ministers and any distraction from the crucially important jobs undertaken by these two agencies, I will step aside from these roles with immediate effect." "I will work with the board and CEOs of these agencies as/if required to facilitate a smooth transition," Mr Carey said. In a statement, Minister for Enterprise, Tourism and Employment Peter Burke said a process will now commence through PublicJobs, the public appointments service, to appoint a new Chair. Jim Woulfe, who currently sits on the board of Enterprise Ireland, is to act as interim Chair in advance of the formal process concluding. "I would like to thank Michael Carey for his work and dedication to Irish enterprises over the last two years as Chair of Enterprise Ireland and wish him all the best in the future," Mr Burke said. Kevin Sherry, Interim CEO, Enterprise Ireland, thanked Mr Carey. "Michael gave huge time and commitment as Chairman and was dedicated to supporting Irish exporting businesses at all stages of their development," Mr Sherry said. "Throughout his time as Chairman, he constantly focused on how our organisation can better support Irish businesses." "He brought the voice of the client and the insights of an entrepreneur to the table ensuring that clients were at the heart of every conversation," he added. The Housing Agency issued a statement thanking Mr Carey for his leadership. "Michael has been a committed leader whose extensive experience and skills have been greatly appreciated by the Agency," said Housing Agency CEO Martin Whelan. "We thank him for his many years of service," Mr Whelan said.
Irish Examiner
13-06-2025
- Business
- Irish Examiner
Enterprise Ireland chair Michael Carey resigns from role
The chair of Enterprise Ireland has Michael Carey has resigned, with former Dairygold chief Jim Woulfe now taking the role in an interim capacity. Mr Carey had been in the spotlight over reports his company East Coast Bakehouse had made late account filings with the Companies Registration Office. Minister for Enterprise, Tourism and Employment Peter Burke confirmed Mr Carey had tendered his resignation and said a process will now commence through the Public Appointments Service to appoint a new Enterprise Ireland chair. Mr Carey is also the chair of the board of the Housing Agency and he is also believed to have stepped down from this role. "I would like to thank Michael Carey for his work and dedication to Irish enterprises over the last two years as chair of Enterprise Ireland and wish him all the best in the future," said Mr Burke. "The Government and Enterprise Ireland have ambitious plans over the coming period, including to increase exports to €50bn by 2029, to establish 1,700 new Irish-owned exporters and to increase jobs in companies supported by Enterprise Ireland to 275,000. Supporting Irish SMEs, together with realising the significant potential we have in our innovative economy, remain my absolute priority. I am working closely with Jenny Melia, as CEO designate, and the board of Enterprise Ireland in this regard." Former Dairygold chief executive Jim Woulfe, a member of the board of Enterprise Ireland, has agreed to act as interim chair in advance of the formal process concluding. Mr Woulfe was Dairygold chief until December 2021 when he retired after 42 years' service.
Irish Independent
13-06-2025
- Business
- Irish Independent
Enterprise Ireland chairman Michael Carey resigns
In a statement Mr Carey confirmed he's stepping down from role he's held since September 2023. He is also resigning as chairman of the Housing Agency. 'With regret I am announcing my resignation from two voluntary unpaid/un-expensed state board positions: as chairman of Enterprise Ireland and of The Housing Agency,' he said. "Recent media reports have highlighted late account filings with the CRO for our business East Coast Bakehouse, where I'm a major shareholder and executive chairman. This has occurred due to management administrative errors. "The delay has been exacerbated by an unanticipated need for a decision by our board to change our auditors. There is no suggestion of any financial issues at the company; the accounts for these periods are completed and the fully audited accounts are expected to be filed in the CRO by early July.' Mr Carey added: "The widespread issue of late filings of accounts with the CRO has been highlighted in recent months, with over 15,000 firms in a similar position each year. This issue of this late filing at East Coast Bakehouse has received particular media attention due to my role as chairman of these state agencies. "I accept personal responsibility for the failure of the business to comply with this corporate governance requirement and the heightened requirement to fully comply, as chairman of a number of state boards. A late filing fee will be paid as appropriate and actions have been taken to avoid any future reoccurrence. "In order to avoid embarrassment to the ministers and any distraction from the crucially important jobs undertaken by these two agencies, I will step aside from these roles with immediate effect. I will work with the board and CEOs of these agencies as/if required to facilitate a smooth transition.' East Coast Bakehouse company is now more than 18 months late filing accounts for its 2023 financial year. The company is also late filing accounts for the 2024 financial year. Despite the resulting potential legal consequences, the Department of Enterprise, Trade and Employment, which oversees Enterprise Ireland, had continued to back Mr Carey's position as chairman of a state agency that helps Irish companies to grow and expand internationally. East Coast Bakehouse, which was founded by Mr Carey in 2015, is based in Drogheda, Co Louth. Enterprise Ireland is a significant backer of the venture, having ploughed about €2.4m into the business. ADVERTISEMENT Learn more The major delay in filing the accounts continues to leave Mr Carey and other directors of biscuit maker East Coast Bakehouse, including his wife, Alison Cowzer, open to potential prosecution for offences under the Companies Act. Earlier today, Mr Carey had told the Irish Independents that the accounts for the firm's 2023 and 2024 financial years would be filed by next month. In the middle of April, he said East Coast Bakehouse would file all up-to-date accounts in coming weeks. He said at the time the company expected to soon close a €5m equity fundraising and line up €5m in debt finance. On April 30, the Department of Enterprise told the Irish Independent that Mr Carey had informed it that the accounts for the company's 2023 financial year had been finalised. 'They have received a commitment that they will be filed with the CRO in the coming weeks and that steps have been taken to avoid this occurring again in future,' said the Department at the time. On June 4, Mr Carey told the Irish Independent that the funding process that had been underway was complete, and that the accounts for East Coast Bakehouse would be filed that week or the following Monday. Today he said it would now be July before the accounts are filed, with both 2023 and 2024 prepared. 'A number of issues outside of our control have delayed the process,' he said. 'Work continues on the audit of these accounts, aiming to file fully up-to-date with the Companies Registration Office in early July.' 'We acknowledge that filing of these accounts are late due to administrative errors and an unforeseen need to decide to change our auditors,' he added. 'A late filing fee will be paid as required in such circumstances.' Mr Carey added: 'Steps have been taken by the business to ensure this error is not repeated in future years.'
