Shannon Group seeks backers for re-investment

The Shannon Group is seeking backers to fund its reinvestment programme at the airport and adjoining Shannon Free Zone.

Newly published tender documents show that the group is seeking candidates to provide financing for development/investment funding; funding for long-term infrastructure-type projects and funding/equity releases for existing income-producing investment properties.

The group is also seeking third parties to finance working capital loans and term loans.

Underlining the Shannon Group’s spend, the group has a number of planning applications before Clare County Council for the upgrading of properties in the Shannon Free Zone and of the airport’s terminal building.

Yesterday, Fianna Fáil TD Timmy Dooley said: “I am pleased to see that the Shannon Group is moving ahead with its plan to source funding to upgrade the existing stock of properties in the Shannon Free Zone.

“There is no doubt that much of the property requires upgrading in order to to be attractive to industrialists.”

At the launch of the group’s first annual report at the end of April, Shannon Group chairwoman Rose Hynes said: “The group is working to a five-year strategic plan aimed at continued revenue growth, continued focus on innovation, securing a sustainable cost base through efficiencies and achieving profit growth at each of the four separate business units”.