BoI helps launch franchise magazine

A new business magazine for the Irish franchise industry was launched today by the Dublin-based publishing firm Exact Media.

The magazine, Franchise Options, is supported by Bank of Ireland Business Banking and coincides with its announcement of a new financial package aimed specifically at the franchising sector.

This €100m Franchising Fund is designed to assist the expansion of franchise companies and to facilitate people who wish to start their own businesses through franchising.

Franchise Options is a joint venture between Exact Media, headed up by John McGee, a former editor and managing editor of Business & Finance and Franchise Direct.

Details of the 2004 edition of the Franchising in Ireland Survey, the most comprehensive overview of the Irish franchise industry, were revealed in the first edition of Franchise Options.

The survey findings show significant growth in the franchising industry over the last two years, with turnover for the sector increasing by 24% to €1.27bn.

There has also been a 24% increase in employment, with 18,000 people employed by Ireland's 201 franchise companies.

The research shows that 10% of franchise companies operating in this market are Irish, with 40% from the US and 30% from the UK.

Dermot Nolan, Head of Business Marketing, Bank of Ireland, said: " The expansion of the franchising industry mirrors that of the service economy, which is experiencing continued growth and is an increasingly important creator of wealth.

Franchise Options is designed to meet the demand for informed comment, opinion and analysis on the franchising market in Ireland.

Bank of Ireland Business Banking understands the growth potential of this market and our Franchising Fund is expected to meet the anticipated demand for franchise opportunities and to facilitate the continued expansion of the industry."

On the ISEQ, Bank of Ireland’s ordinary shares were down 11c at €10.82 at 12.30pm today.