Shannon Development restructuring costs €1m

The rebranding, relocation and other costs associated with the restructuring of Shannon Development total €1m, new figures show.

Renamed Shannon Commercial Enterprises Ltd, the former regional development agency has now been subsumed into the recently-formed Shannon Group plc that also operates Shannon airport.

Now new accounts show that the restructuring of Shannon Development into a commercial property company last year cost €1m, with rebranding costs totalling €130,000, relocation costs amounting to €162,000 and professional fees of €544,000.