FORMER QUALCERAM Shires executives John O’Loughlin and John Byrne are planning a new business which they hope will create 50 new jobs.
The project was one of two announced yesterday that will create a total of 90 new jobs between them.
Belgian rival, Ideal Standard, bought bathroom fitting manufacturer Qualceram’s operations out of examinership last July for €3.4 million.
Yesterday, its former chief executive, Mr O’Loughlin, and former sales and marketing director, Mr Byrne, said they are planning a new business in the same sector, Inver Bathrooms, to be based in Arklow, Co Wicklow, which was also home to Qualceram.
The company will distribute and market a range of bathroom suites in Ireland, Britain, the Gulf states and the US. Inver will be aiming at the luxury end of the market.
Mr O’Loughlin and Mr Byrne founded Qualceram in 1988 and floated it on the Irish Stock Exchange 11 years later.
The company employed 1,150 people at its peak and had €100 million in sales.
It ran into financial trouble as one of its key markets, new houses, slumped over the last two years.
Meanwhile, hedge fund administrator Butterfield Fulcrum is creating 40 new jobs at its Irish office in Dublin.
The company provides administration services to hedge funds, funds of funds and other alternative investments.
Its Dublin office will administer funds based in Ireland and offshore, and its services will include valuation, accounting, transfer agency and share registry.
The company has 11 offices around the world and services 800 funds.
Its chief executive, Akshaya Bhargava, pointed out yesterday that one-third of all hedge funds are serviced in Ireland.
“The country’s strong regulatory environment has helped it become the domicile of choice for many new fund launches,” he continued.
IDA Ireland is supporting the company’s investment here. The financial regulator has licensed it to provide fund administration services and to act as an investment intermediary.
The head of its Dublin office, Ken McCarney, said that its licences would allow the company to grow its Irish business significantly.
