Thank you Joe for your kind words of welcome today. It is a great pleasure to be at Northern Cross Business Park to officially open McLoughlin’s new headquarters.
Today is a proud day for the McLoughlin Family. As we open a new chapter in the history of this company, I am sure the occasion must remind Pádraig and Kieran of the great legacy of their late father, Michael. He built up his business from small beginnings in your garage 50 years ago.
Today is a testament to the commitment you shared with your father to the industry. We are all grateful for his work, which proved an inspiration to you both. And you in turn continue to build on your father’s success.
Today, McLoughlin’s is one of Ireland’s leading distributors to the Independent Hardware sector and I am sure that Michael would have been very proud had he seen this day.
In just five years, you have doubled in size. And the opening here today makes a clear statement of your intention to further drive the expansion of your business. The investment of €10 million is a vote of confidence in the industry and the aspiration that the growth you have experienced will continue apace long into the future. With the market currently estimated to be worth €600 million and you enjoying a 3% market share, there is certainly good cause for optimism.
McLoughlin’s built its success on an ethic of hard work and service to customers. Your loyalty to your team has meant that many of your core staff are with this company for over 20 years. Indeed, I hear that one loyal employee, Ken Wilson, is with you for no less than 36 years! That is extraordinary in these times when people have never been more mobile in terms of work. This new HQ should go a long way towards enhancing your service to customers, your employees and to the economy. Today’s event is also the result of your ability to recognise and grasp new market opportunities ahead of your competitors.
I am pleased to say that it continues to be a very good time for the economy and for businesses in general in this country. Throughout last year, there was very solid growth building on previous high levels sustained over a long period.
GDP grew by 4.5 % and is forecast to expand by a further 5.1% this year. That is very strong by European or wider international standards.
More specifically, there has been quite phenomenal growth in housing and general construction output. The last ten years have seen unprecedented levels of housing completions - at rates not seen anywhere else in Europe. In fact, last year was the 10th consecutive year of record completions with nearly 77,000 units built.
McLoughlin’s have happily benefited from this growth with increased spending on home, garden and DIY products. This company is a prime example of employment growth in the retail sector. Your labour growth – now having climbed to 70 – has followed the general national pattern whereby employment expansion in 2004 was particularly robust at 3 % or over 54,000 new jobs. This represents the highest number of new jobs created since 2001.
Conclusion
In conclusion I want to congratulate Joe, Pádraig, Kieran and the entire team for your part in bringing today’s opening about. My best wishes for your continued success.
It is my great pleasure to formally declare McLoughlin’s new HQ officially open.
Thank you.
ENDS