Latest news with #EastCoastBakehouse
RTÉ News
a day ago
- 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
a day ago
- 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
a day ago
- 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.'
Irish Times
a day ago
- Business
- Irish Times
Michael Carey steps down as chair of Enterprise Ireland and Housing Agency
Businessman Michael Carey has stepped down from his roles as chairman of both Enterprise Ireland and the Housing Agency . This follows recent media reports highlighting the fact that his company, biscuit maker East Coast Bakehouse , where he is a major shareholder and executive chairman, is late in filing its accounts to the Companies Registration Office as required by law. He took the decision to avoid any embarrassment for the ministers involved, James Browne in housing and Peter Burke in the Department of Enterprise. In a statement, 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. READ MORE '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.' It is understood that Big Four accounting firm EY was recently appointed as the company's auditor. [ Creating billion-euro businesses with global scale a key goal for new Enterprise Ireland chairman Opens in new window ] Founded in 2016, East Coast Bakehouse employs 100 people at its manufacturing facility in Drogheda, Co Louth. Mr Carey said the business was 'growing rapidly' and has recently completed a successful fundraising round securing €5 million in equity. 'Following this successful fundraising and a recent management restructure, I am returning full time to the business as chief executive to lead its next phase of scaling,' he said. Mr Carey acknowledged that the late filing of East Coast Bakehouse's accounts could be a distraction for the 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. Will rent reform make building apartments viable? Listen | 40:12 '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 would like to thank the respective Ministers and their teams, the board members and dedicated executive leadership teams of these agencies for their support over the past number of years and wish them well in their future continued progress,' he said. Mr Carey noted that the two positions were unpaid with no expenses drawn. He was appointed as chairman of The Housing Agency in 2018 by then Minister for Housing Eoghan Murphy and reappointed for a second term by Minister Darragh O'Brian in 2023. His term was due to end in 2028. He was appointed as chairman of Enterprise Ireland by then Minister for Enterprise Simon Coveney in 2023, and his term was due to end in 2028. He was previously chairman at Bord Bia from 2011 until 2017. Enterprise Ireland and the Housing Agency have been contacted for comment.
