SiliClon Valley beckons as second global bank finds a home in Clonakilty

Second global banking company (as yet un-named officially) comes after JP Morgan's €680m swoop on locally-based Global Shares

Thu, 21 Apr, 2022 - 00:05

Property Editor Tommy Barker

Clonakilty in West Cork is living up to its ‘Clondyke’ and 'SiliClon Valley' nicknames, as two global banking names, JP Morgan, along with another global banking giant, invest in office space and jobs there.

Seeking additional office space this year at the West Cork Technology Park is cloud-based Global Shares, which manages employee share schemes for major multinationals and Fortune 500 companies: the expanding fintech firm was
acquired last month by JP Morgan in an incredible €687m deal.

The secured deal means financial windfallsare assured for Global Shares’ owners/investors, and a broad range of shareholders — many of whom will become millionaires.

Several hundred employees are also in line for sizeable payout cheques, said company CEO Tim Houstoun who multiplied the business’s worth through cloud-based and software development to make it an independent, world-leader in the field.

Clonakilty has been the HQ of the
2005-founded Global Shares company where it has grown to fill 10,000 sq ft,
and is likely to double to at least 20,000sq ft as employment is set to ramp up further this year and beyond. Staff doubled to 600 during the global pandemic.

And, at the smaller end of the scale, for now, local sources say that another major glogal investment bank (not officially identified, but which employs 17,000 worldwide,) has found a fledgling footprint also at the West Cork Technology Park for its green energy investment company.

That unconfirmed offshoot, currently investing €28bn in renewable energies, has major solar and wind projects around the globe, including Scotland.

(Meanwhile, plans for a Clonakilty solar energy farm at Shannonvale, were announced by another company Amarenco last year, aiming to make Clonakilty Ireland’s first off-grid town.)

Local reports say this second global finance giant is about to sign a lease for an initial toehold in the West Cork Technology Park (c 1,000 sq ft for starters). It join others at the Clonakilty park which is currently home to 1,000 jobs, including Global Shares, PGI (which reduced its headcount at the park last year), South-Western and others.

The technology park was set up by local entrepreneur/developer John Fleming in the late 1990s, and was visionary at the time for getting a fibre broadband cable to a ‘remote’ setting.

While the park has had vacancies over a number of years, and some buildings and additional land were part of a receivership sale eight years ago, a new wind may now be in its sails, steered in the main by the enormous success and sale of home-grown fintech Global Shares.

Early days: at the launch of the West Cork Technology Park in 2000 were Kieran Calnan, CEO, South Western Services; John Connolly, and developer John Fleming.

The West Cork Technology Park is managed by Lisney, Cork, who this week said there was currently c 25,000 sq ft available within the park, at rents from €10 to €12 psf, depending on size, quality and configuration.

Meanwhile, investors and employees sharing some of €680m Global Shares windfall will have a number of new businesses in the town hoping to get some of the extra disposable cash, expected to come through in the latter half of 2022 after the JP Morgan deal trickles down to them.

Already, Clonakilty’s key hotels are investing in expansion and upgrades, such as Dunmore House, the Inchydoney Lodge and Spa and Fernhill House. Meanwhile, shops, bars, and restaurants are also investing in Clon’s post-Covid era hospitality sector.

Included are the new restaurant Bert’s on Wolfe Tone St, opening this week, taking over the former Richy’s which closed three years ago, while at the Waterfront development new owners Kirbys last year bought the Whale’s Tail restaurant by the distillery, next to a new Aldi under current construction.

New too for the coming tourist season is Revel, a coffee and ‘concept store’ on McCurtain St, while on Ashe St next to Kerr’s bookshop is Hunter & Bloom, a bespoke interiors shop and men’s tailoring amalgamation, headed by a couple who’ve relocated from Dublin, who’ve opened full-time after a 2021‘pop-up.’

DETAILS: Lisney 021-4275079