The Echo - 22 October 2020

DUBLIN Chamber welcomed an “urgently needed support package” Budget 2021 to bring relief and assurance to struggling businesses. However, Dublin Chamber has cautioned that further measures will be needed in the upcoming National Economic Plan to stimulate investment in Ireland’s ailing SME sector. Regarding the Covid- 19 Restrictions Support Scheme, which will see grants of up to €5,000 per week, the Chamber said this new measure will provide a vital lifeline to many of the businesses worst impacted by Covid- 19. Dublin Chamber ‘s Head of Public Affairs Fergus Sharpe said: “It is vital that businesses in tourism, hospitality, and the other worst-hit sectors, have a roadmap for business survival over the coming months. The grant scheme has the potential to be a valuable lifeline for the most badly impacted businesses as we head into a very difficult winter. The decision to waive commercial rates for the remainder of 2020 is a significant help and the decision to drop the VAT rate for hospitality and tourism will also be welcomed. “The extension of the Employment Wage Subsidy Scheme into 2021 will come as a particular relief to many businesses still reeling from a collapse in revenue. There was real concern that SMEs would face a cliff- edge in terms of State support at the end of April 2021, but the Government’s pledge in Budget 2021 offers important assurance in this regard,” said Mr Sharpe. Chamber welcomes urgently needed support package E business recruitment,motoring & property October 22, 2020 tel: 01 4685350 email: p Find us on For all your DIY or garden projects , big or small, shop in - stor e or online at www . Ballymount, D24 X39K t. 01 450 8488 The extension of the Employment Wage Subsidy Scheme into 2021 will come as a particular relief to many businesses ........the Government’s pledge in Budget 2021 offers important assurance in this regard ‘ ‘ THE balance sheet of Shamrock Rovers football club has been transformed following a €2 million cash injection by businessman, Dermot Desmond, its latest accounts show. Accounts for the club for the year to the end of last November show that its shareholders’ funds have gone from a near €1.3 million deficit to a €1.34 million surplus, following his decision a year ago to take a 25 per cent stake in the Tallaght-based club. The accounts show that Rovers had almost €2 million in its bank account at the end of the period, compared to less than €900 a year previously. It also moved into profit in the 12 months immediately before Mr Desmond took his stake, registering a €627,000 annual surplus. A previous loan of €1 million was “forgiven”, as the club’s total debts fell from more than €1.6 million to about €366,000. A note to the accounts suggests that Bank of Ireland also released the directors of the club in May of this year from a €1 million guarantee they had given the bank. The club’s accrued losses over time now sit at about €1.1 million. The club’s auditors slapped a health warning on a debt of about €775,000 due from its youth academy, which didn’t have the means to repay it at the time as its balance sheet was in deficit. However, the directors said they were satisfied the academy was good for the loan because the young players registered there are valued at more on transfer than the outstanding debt. Mr Desmond, who is also the largest shareholder in Glasgow Celtic football club, has said he invested in Rovers with an eye on developing its youth academy. Other investors, including a fans group and businessman Ray Wilson, approved the sale of a 25 per cent stake to him at a meeting last year Rovers’ ret urns By Maurice Garvey Football club scores big with €2 million cash injection from Dermot Desmond BIG TIME: Shamrock Rovers’ Joey O’Brien and AC Milan’s Zlatan Ibrahimovic in action at Tallaght Stadium and inset Dermot Desmond