world news - 23.05.2003
Irish Forestry Services has broken into the British market with a scheme to raise £5 million sterling (E7 million) for forestry in Scotland
The group has opened its first British fund just days after
securing approval from the British Financial Services Authority for the plan —
the first of its type available to private British investors. Director Mr Declan
Kennedy said the company had decided the time was now right to transfer its
successful Irish business model to the larger British market.
"We have done very well in Ireland over the last few years and
have proved very popular," he said. "But there is a limit to the market's size
and we felt it was an opportune time to introduce the idea into Britain. "While
there has been considerable investment by high net worth individuals in forestry
in the UK, there has been no opportunity till now for smaller investors to
participate."
Forestry investment in Britain, like Ireland, carries no tax
liability on profits. However, Irish investors will not be able to buy into the
British funds, tax free as the Revenue relief on forestry investment applies
only to plantations in the State.
Irish Forestry Services will run the operation through a
subsidiary, Forestry Management Services (international) Ltd. Director Mr Trevor
McHugh will run the British unit, which will be based in Bristol. The company
has been running 10-and 30-year forestry investments and managing plantations on
behalf of investors in Ireland since 1996.
Its forestry portfolio is valued at E40 million and the company
has more than shareholders in the 12 plans its has run to date.
See also:
- — Nordic papermakers should face low yet stable European demand in coming months, but earnings could be hit by a stronger euro if the sector upturn they hope for does not emerge in the second half, analysts said.
- — China Becomes Global Furniture Manufacturing Center. In 2002, China's total furniture output value arrived at USD 20 billion, an equivalent of RMB 165 billion, accounting for 10% of the world's total furniture output value.
- — Bosnian wood and timber indastry on brink of collapse. Trade associations of timber and wood industry's companies within the chambers of commerce of Bosnia-Herzegovina's two entities insist on the immediate discontinuation or the drastic restriction in the export of logs and sawn timber.
- — According to the latest statistics, China's imports of timber continued to climb in the first quarter of 2003.
- — Russia is increasing its exports of wood and paper products. Currency earnings from exports of wood and paper products in January-February came to $763.1 million, which is 11% more than the same period of last year.