Latest news with #BrianHanratty
Business Times
11-05-2025
- Business
- Business Times
London bankers scour market for IPO reboot after Shein stalls
[LONDON] London bankers and investors are pinning their hopes on a handful of candidates to get initial public offering (IPO) activity off the ground after the much-anticipated listing of Shein hit a pause. A blockbuster IPO by Shein, planned for this year and at one point eyeing a valuation of as much as £50 billion (S$86.3 billion), was often touted as the catalyst that London needed to reignite IPO activity. Instead, the Chinese-founded fashion retailer got caught up in the US tariff war. Progress on the deal has slowed to a crawl as Shein assesses the impact of the trade restrictions on its business, Bloomberg News has reported. UK equity capital markets have endured a torrid stretch, with a dearth of IPOs in recent years exacerbated by a number of high-profile listings moving overseas. Fundraising from London IPOs fell below US$1 billion in 2024 – only the second time since the financial crisis that volume dipped so low, data compiled by Bloomberg showed. 'At the start of the year, there was real optimism for a cyclical rebound in IPOs,' said Mike Jacobs, a partner specialising in capital markets at law firm Herbert Smith Freehills. 'But macro and market volatility – particularly sectors exposed to tariffs – has reasserted itself with a vengeance.' Still, a list of deals penciled in for the coming quarters may offer a measure of spark that the market has been waiting for. And while the chilling effects of the ongoing tariff war continue to weigh on IPOs in Europe and the US, bankers say a number of firms are looking to go public as soon as calm returns. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up 'Most IPO timetables have now shifted,' said Brian Hanratty, head of ECM at British investment bank Peel Hunt. 'There are three to five notable London IPOs lined up for the coming quarters.' One company that is considering braving the volatility is iForex Financial Trading Holdings. The trading platform with US$50 million in revenues announced plans for a potential listing on the London Stock Exchange on Friday. Other companies that are considering a London listing this year include payments firm Ebury, backed by Banco Santander, as well as private equity-owned consumer credit provider NewDay and Greece's Metlen Energy & Metals, Bloomberg has reported. Uzbek gold miner Navoi Mining & Metallurgical has also been stepping up preparations for an eventual stock market debut, while Hong Kong-based EcoCeres has been considering London as a potential venue for a listing next year, people familiar have said. To be sure, private equity owners could consider alternatives to offload holdings. For instance, NewDay's owners CVC Capital Partners and Cinven have been fielding interest from potential buyers for the whole or part of the business, Bloomberg reported last month. Investors are also still nursing heavy losses from the last wave of UK listings, underscored by Deliveroo announcing a buyout by DoorDash this week for less than half the £7.6 billion valuation the London-based food delivery platform reached in its IPO about four years ago. 'The poor 2021 IPO vintage is undoubtedly still fresh in investors minds,' said Jamie Constable, market strategist at London-based Singer Capital Markets. However, 'we do not see this as driving an investors' 'buying strike.' Investors are keen for new blood'. To encourage more offerings, UK authorities are implementing the biggest revamp to listing rules in decades, with measures to relax voting rules and share structures already in place. They're also exploring ways to unlock investment from retirement savings, for example by consolidating government pension funds. Even so, more can be done to facilitate access to capital, including bolstering retail investment as well as government support for emerging companies, according to Caroline Escott, senior investment manager at pension fund Railpen, which oversees more than £34 billion in savings. Scrapping stamp-duty on shares and supporting the London Stock Exchange's junior bourse for early-stage companies, AIM, are also key to revitalise the market, said Jason Paltrowitz, a director at trading platform OTC Markets. 'London therefore needs to double down on supporting AIM to build the venture-stage companies of tomorrow, rather than focusing on attracting perceived 'headliners' to its markets,' he said.
Irish Times
06-05-2025
- Business
- Irish Times
‘It's a stunning setting for any cafe, but this one has extra-special credentials'
There is a palpable sense of purpose and job satisfaction among the young adults with Down syndrome who work in the Happy Out cafe in Dún Laoghaire . We are chatting on the outdoor terrace of the cafe in the refurbished Dún Laoghaire Baths building overlooking the harbour. It's a stunning setting for any cafe, but this one has extra-special credentials because it may be the first commercial cafe in Ireland to employ adults with Down syndrome in partnership with a social enterprise. 'I don't have anyone in my family with Down syndrome, but this opportunity fell into my lap and I thought it would be very nice to do,' says Brian Hanratty, who owns Happy Out cafes on Bull Island and in Donnybrook as well as Dún Laoghaire. Hanratty first came in contact with the Together Academy social enterprise – which trains and finds work for adults with Down syndrome – at its base in the Wanderers Football Club a few years ago. 'I helped them set up their coffee shop in the bar at Wanderers and trained them how to make coffee,' Hanratty explains. READ MORE The Together Academy was cofounded by Therese Coveney, whose 14-year-old daughter April gave her the impetus to set up the social enterprise. 'I can feel change in the Dún Laoghaire/Blackrock area since the Happy Out cafe opened [in July 2023]. Most adults with Down syndrome rely on day services when they turn 21, but we wanted robust, industry-recognised training and a job to change the statistic that only 10 per cent of adults with Down syndrome work,' says Coveney. 'After Covid, most of us understood what it was like to have meaningless, aimless days with no purpose. We are giving these young adults opportunities to be more independent, to be a valuable part of their community and to be paid employees.' Happy Out: Kim Williams, Brian Hanratty, Ciara Donohoe, Mark Claffey, Tara Gaw, Charlie O'Reilly, Lia Gogarty, Paula Doherty and Sam Murphy. Photograph: Nick Bradshaw Currently, there are 14 adults with Down syndrome on the roster at Happy Out in Dún Laoghaire. Each person does a three-hour shift – partly because they can't work more than about 10 hours a week while keeping their disability allowance, but also because three hours is long enough for most of the employees. [ Down syndrome and employment: 'It shouldn't be amazing anymore, it should just be the norm' Opens in new window ] 'In the beginning we found it hard to get enough guys to work with us but not now. They do everything from serving on the till, making and serving coffee and dealing with orders,' says Hanratty. The cafe has a card-only payment system which reduces potential for errors. Hanratty says the younger generation of customers love seeing adults with Down syndrome working in the cafe, but it has taken some older people a bit of time to get their heads around it. Ciara Donohoe and Sam Murphy in Happy Out, Dún Laoghaire. Photograph: Nick Bradshaw 'Some 'old school' people don't expect things to be done right and they will look to another staff member to make sure it's really happening. But when they see that the staff member with Down syndrome has done the job well, they are very positive,' says Hanratty. The staff working regular eight-hour shifts also have to be a bit more flexible. 'When we hire staff, we have to make sure that they know what they are taking on and be willing to help out in certain scenarios, and be more patient at times. They need to know that it's different to a regular cafe.' Hanratty says the key to everything is to serve good coffee. 'If the coffee isn't good, people will come once and won't come back, even if they think it's a nice idea.' Ciara Donohoe from Newtownmountkennedy in Co Wicklow works on Mondays, Wednesdays, Thursdays and Sundays at Happy Out. 'It's really good and not too hard. It's very challenging making the drinks and I'm still learning how to be a barista,' she says. [ Down syndrome: 'Sarah regards herself as a businesswoman... she's certainly breaking the stereotype' Opens in new window ] Charlie O'Reilly from Sandycove works on Mondays and Fridays: 'I love chatting with customers and colleagues when I'm working at Happy Out. It's a really good business.' Kim Williams from Shankill has a reputation for being good at latte art. 'I also do the tills and take orders,' she says, admitting that walking through the cafe when it's really busy can be a bit difficult. Lia Gogarty, Mark Claffey and Kim Williams. Photograph: Nick Bradshaw Cafe manager Matthew Roche says some of the staff with Down syndrome can get a bit flustered and emotional if it's very busy. 'We just take some time out in the foyer or outside if this happens – especially on busy days or at the weekends,' he explains. Building up people's confidence to work front and centre in a public space has taken time, says Coveney. 'When we first started training people, there was a lot of heads down, withdrawn people with their headphones on, but they have grown and flourished,' she says. 'Working in a cafe won't suit everyone, but there was something there waiting to be nurtured and educated. 'It is about having higher expectations of these young adults but it would be naive to let them fly on their own. They need the supports around them.' Paula Doherty is the Pathways to Employment lead with the Together Academy. Her job involves finding work placements and paid employment for students who have completed the two-year culinary and hospitality programme that Together Academy runs at the Wanderers Football Club. [ Man with Down syndrome who wants to live independently brings council to court over housing assessment Opens in new window ] 'It's about matching the person with the job and carving out a role for them. This can involve two or three tasks over two mornings a week from, say, 10am-1pm,' she says. 'Some businesses are nervous about taking someone on, but once they meet with us and see the supports they get, it eases their minds.' The Together Academy provides backup support for the workers, meeting them before and after their job, and checking in every four to six weeks with three-, six- and 12-monthly reviews. They also do inclusive training with staff and set up a buddy system in the workplace so the person with Down syndrome has one key worker to turn to if they have any concerns. This summer the Together Academy will open a second, larger training centre in SMBC Aviation Capital on Fitzwilliam Square, Dublin. 'This will be about providing more programmes for young adults with Down syndrome. It's about elevating people's expectations whilst giving people a lot of support,' says Coveney. She adds that all of the staff at Happy Out still live with their families and it has taken a lot of forbearance on their parts. 'Many travel to work independently on public transport. We know that we are still working with vulnerable young adults. We take our role very responsibly.'
