Latest news with #KilcullenBusinessPostGroup
Irish Independent
30-07-2025
- Business
- Irish Independent
Losses reduced significantly at IMI ahead of sale to O'Coineen's Kilcullen Business Post Group
Accounts just filed for the year to the end of September 2024 record a loss for the 12 months of €213,000, a significant improvement on 2023 when the business recorded an annual loss of €1.1m. The 2024 accounts show turnover was down slightly, to €11.2m, but costs fell including the wage bill which was reduced from €5.75m in 2023 to €4.66m last year. The number of staff was cut to 63 from 77 over the period. IMI had launched a redundancy scheme in 2023 in an effort to cut costs. The accounts are for the period before the sale was finalised and do not provide an update on the value of the transaction. Earlier this year, UCC, which bought IMI for €20m nine years ago, agreed to sell the business to the expanding Kilcullen Business Post Group portfolio of companies. The institute was originally member owned, having been established in 1952 by business leaders to develop training programmes and leadership training for industry. The 2016 deal with UCC was described at the time as being aimed at securing the Dublin institute's future as well as bolstering its engagement with industry,. Since then, however, UCC has focused on expanding its Cork city-based business campus while IMI has suffered significant disruptions as a result of Covid, which hit on-campus courses hard, and industry trends towards online learning. The IMI has 280 corporate members and provides a range of master's, diploma and short courses as well as providing conference facilities. The 2024 accounts show the annual deficit fell but point to net losses at year end of €2.6m, The accounts, filed with the Companies Office, show provision of training courses generated the bulk of turnover, at €8.85m, followed by member subscriptions (€966,000), with smaller but significant contributions from on-campus accommodation and venue hire. IMI's 13-acre suburban campus is in a largely residential part of Sandyford, in south Dublin, close to the M50 and Dundrum Town Centre, and could potentially be developed for housing, alongside the buildings used by the Institute. UCC retained ownership of the campus after the sale of IMI but confirmed that a new lease agreement has been put in place with the Institute, 'ensuring its continued presence on-site and providing a stable platform for its future development'. The institute is chaired by Dr Pamela Byrne, CEO of the Food Safety Authority, and headed since 2023 by CEO Shane O'Sullivan, a career banker and experienced executive who was most recently a senior executive at Permanent TSB.
RTÉ News
16-05-2025
- Business
- RTÉ News
Kilcullen Business Post Group completes IMI deal
The Kilcullen Business Post Group has completed the acquisition of the Irish Management Institute from University College Cork. The company said the deal, which was announced last month, complements its existing portfolio. It said it aligns with its "House of Brands" in its vision to deliver world-class content ( experiences ( insights ( and executive education ( to the country's business and management community. Enda O'Coineen, the publisher and CEO of the Kilcullen Business Post Group, said the company was delighted to officially welcome IMI, one of Ireland's most iconic business brands, to the Kilcullen Business Post Group. "In the world that we live and operate in today, the only thing that is certain is change. Being agile, entrepreneurial, and dynamic is essential to thriving in this environment," he said. "Recent months have been unprecedented in the global economy. Leaders are being asked to make decisions in the dark essentially. It is vital that they continue to educate themselves on this fast-changing world so that rapid decisions can be well informed," he said. Under the terms of the deal, Shane O'Sullivan will continue as CEO of the IMI and plans are in place to invest further in the IMI senior leadership team. Active recruitment is underway to build and grow the existing team. New board appointments are underway, and a refresh of the IMI Council is planned in the months ahead. UCC will also continue to award IMI qualifications for at least two years as the business transitions and develops to grow not just in Ireland but internationally. "Today marks an important and exciting new chapter in IMI's journey. This investment and strategic alignment provides a strong platform to expand our offering and deepen our impact," Shane O'Sullivan said. "The world we operate in is becoming increasingly complex, shaped by global uncertainty and defined by rapid technological change, driven by AI. The need for learning has never been greater and has never had such a return on investment," he said. "Leaders need to be more adaptive, more attuned to change, and more focused on empowering their people to succeed. At IMI, we are here to guide organisations in doing that and with the support of the Kilcullen Business Post Group our proposition will be more relevant than ever before," he added.
