Trading Up

Jim Fitzpatrick and Richard Ramsey unpack the latest economic stats for Northern Ireland, revealing a complex picture for the hospitality sector which, despite a busy summer, is struggling with profitability due to soaring labour and food costs. They explore the grim outlook for public finances, where major spending pressures would naturally force deep cuts and unpopular revenue-raising measures, but will the tough choices be made? This leads to a wider discussion on why Northern Ireland struggles to deliver major infrastructure projects, contrasting today’s inaction with ambitious nation-building from a century ago. Finally, the duo consider a provocative question: do we need a government of engineers, like China, instead of lawyers in order to get things done?Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.Instagram - https://www.instagram.com/tradinguppodcast/TikTok - https://www.tiktok.com/@tradinguppodcast Hosted on Acast. See acast.com/privacy for more information.

Jim sits down with Martin Tierney who quit school at 17 to develop a family business with his brothers. He was a star pupil but his mother told him that she would back his decision to leave school before he’d completed his A Levels and get to work in the emerging business with his brothers. That faith wasn’t misplaced. Martin has developed Seating Matters into an export powerhouse. The company, based near the village of Limavady in County Derry, makes therapeutical chairs for patients with complex needs. From a small workshop it has grown into a substantial business with a turnover upwards of £26 million across the group. What sets Martin and his company apart isn’t just the product, it’s the philosophy behind it. It was born from a realisation that many infirm patients weren’t being properly served by the equipment on offer. His mother, an occupational therapist and the inspiration for the business, was able to guide Martin on what the patients really needed. But the transformation in the business really accelerated whenever the Tierney brothers developed a friendship with senior directors of the Japanese car giant Toyota. Remarkably, they willingly imparted their philosophy and shared their secrets, even visiting the County Derry factory. It was priceless consultancy and the only demand was that Martin and his brothers pass on the wisdom to anyone who sought it. Hence, their factory has become a Disneyland for business leaders and entrepreneurs keen to learn. In this conversation Martin talks with passion about everything he has learned.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.Instagram - https://www.instagram.com/tradinguppodcast/TikTok - https://www.tiktok.com/@tradinguppodcast Hosted on Acast. See acast.com/privacy for more information.

Join journalist Jim Fitzpatrick and economist Professor Richard Ramsey of Queen’s University Business School as they unpack the big economic and business issues of the day. What’s going on with government finances across the world? From the US, to France to the UK the dreaded deficits are growing and the cost of servicing the debt is ballooning. In some cases it’s leading to political crises - France has just lost another Prime Minister. In the US, denial is the order of the day. In the UK, the Chancellor is putting budget day off as long as possible in the hope, perhaps, that something will turn up to make her difficult job a little bit easier..Meanwhile, Jim and Richard ask the question - what’s the most dangerous job to have in government? The answer might surprise you.And they've the very latest insight into how all of this could be shaping the economy closer to home.Brought to you in association with EY.The views and opinions expressed by guests on this podcast are their own and do not reflect the views or positions of EY or its other member Firms. EY proudly sponsors the Trading Up podcast but does not endorse or take responsibility for any statements made by individual guests. The Trading Up podcast is for informational and entertainment purposes only and does not constitute professional advice.Instagram - https://www.instagram.com/tradinguppodcast/TikTok - https://www.tiktok.com/@tradinguppodcast Hosted on Acast. See acast.com/privacy for more information.

Season 2 of Trading Up is coming soon... Hosted on Acast. See acast.com/privacy for more information.

Catriona Campbell has advised governments and major industry players on AI, so it was great to get her for a one-to-one to outline what anyone in business should be doing when it comes to artificial intelligence. As a renowned expert in human-computer interaction, she has guided some of the world's top brands to digital success and she now advices EY clients as their UK and Ireland AI strategy leader. As you'd expect from an expert in communication, she had some straightforward and clear advice - top tips if you like - for anyone in business. Hosted on Acast. See acast.com/privacy for more information.

William McColgan runs a third generation family business with his sister in Strabane in the North-West of Northern Ireland. He brings a wealth of qualifications and experience to his role. Not long ago he was flying high in corporate America. He has a Masters in actuarial science and an MBA from Wharton. He didn't need to come home. But he did. Why? What drives him? Listen to this latest in the summer shorts collection to get a masterclass in finding the meaning in business that drives success. Hosted on Acast. See acast.com/privacy for more information.

Rory King loves travel. He wanted to find a way of sharing that love with others. So he set up a Facebook page and started posting travel tips and deals he had spotted. One day he noticed a glitch with Aer Lingus that was almost too good to be true on transatlantic flights. He posted the information. It went viral as punters snapped up the good value and the idea of Rory's Travel Club was born. The business model came when Rory realised that the booking sites were taking a huge commission off hoteliers and travel companies to get them business. What if, he wondered, that commission could be passed on to customers as a discount. His business was born. Rory essentially acts as an honest broker between the hotel/travel company and the customer. He doesn't take commission. He passes on big discounts to his loyal members who pay him a small annual fee of 12 euro. Trust is key to this. His members trust him to get the discounts. The hotels and travel companies he works with trust him to promote their deals to a loyal audience. Everyone wins and Rory's membership continues to climb. He has his sights set on one million members. You do the math. But also listen to the story. Hosted on Acast. See acast.com/privacy for more information.

Matthew Nesbitt had had enough of working down mines in Australia or deserts in the Middle East selling property when he returned home with a burning ambition to set up his own business. A short spell selling bodycams gave him the inspiration he needed. He decided they were the easiest product he'd ever sold and that he could create a better product himself. Some inspired help from his family gave him a new focus for the business plan, transforming it to a subscription software model. That, an appreciation that the customer base was much wider than traditional security services, and some useful features on the product itself, powered growth that has made Halos the fastest-growing bodycam company in the world. Hosted on Acast. See acast.com/privacy for more information.

Matt Creighton has taken an unusual route to success. He admits that his big idea was born while he was enjoying life as a ski seasonaire in the French Alps and he was in search of some extra funds to top up his meagre pay, or "beer tokens" as he called it. From screen printing t-shirts for mates to building a clothing brand - Bleubird - that now has 300 wholesale customers in the UK, Ireland, Europe and the US, it has been quite the journey. What's remarkable is how growth has been driven by building deep relationships with traditional retail stores, not ignoring online, but not favouring it either. There are some counterintuitive lessons for success in Matt's story. Hosted on Acast. See acast.com/privacy for more information.

Maeve Monaghan runs a social enterprise. But she likes making money. Profit isn't a dirty word - it's what allows her organisation to make a difference to so many lives across the island of Ireland. The Now Group runs a catering business; a training company that helps people with learning difficulties into work; and a movement that's empowering organisations to take a minute to help those who need a bit of patience to access their services. In this Summer Short, your preconceptions of what makes a social enterprise will be confounded. Hosted on Acast. See acast.com/privacy for more information.

Paul Stewart didn't like paying airlines a fortune to bring his bags home from Uni in Edinburgh to his home in Belfast. So he set up his own business to do it for him. My Baggage is now at the cutting edge of logistics, moving personal possessions at an attractive price all over the world. It's biggest share of revenue comes from relocations as increasing numbers of young professionals in Northern Ireland decide to up sticks and move to the US and Australia. Along the way, Paul has encountered major changes such as Brexit. He's risen to the challenge by investing in technology and providing customs clearance solutions for the end customer. He's now planning major global expansion with the US market his number one target. Hosted on Acast. See acast.com/privacy for more information.

In this second of the Summer Shorts, we catch up with Belfast hotelier Melanie Harrison. The key lesson here is how Melanie has put thoughtful storytelling at the heart of everything she does. Her property once belonged to Belfast's answer to Mr Selfridge, Cleaver of "Cleaver and Robinson" a once famous Belfast department store. At the height of Cleaver's success in the 19th century he was selling linen by mail order across the world and had become, in Melanie's words, "the Jeff Bezos of his day". Each of Melanie's rooms at her hotel tells a story. And she partners with theatre and opera companies to bring quirky lives performance into her hotel. It makes the hotel itself a place of discovery for guests who can soak up stories and create new ones of their own to tell their friends. As a result, the marketing almost looks after itself. It's an approach from which many businesses could learn. Hosted on Acast. See acast.com/privacy for more information.

On the latest Unpacked episode, journalist Jim Fitzpatrick and economist Richard Ramsey explore the big economic stories and how they're likely to shape our lives. From Donald Trump's "One Big Beautiful Bill" which is going to take US debt to almost unimaginable levels; to the Labour Government's U-Turn on benefits and what that could mean for future tax rises; to the very latest on the Northern Ireland economy and what it tells us about global exposure. For all the latest analysis, opinion, and even a game of Top Trumps, hit play now. Hosted on Acast. See acast.com/privacy for more information.

In this episode of Trading Up, Jim Fitzpatrick interviews Dominic Kearns, founder and CEO of Fibrus, discussing the company's significant investment in building a fibre telecoms network in Northern Ireland and Cumbria. They explore the challenges of raising capital, the impact of government support, and the competitive landscape in the telecoms industry. Dominic shares insights into the operational challenges of building infrastructure, the transition from a build phase to focusing on customer acquisition, and his ambitious goals for the future.TakeawaysFibrus has invested £845 million in fibre telecoms infrastructure.Dominic initially raised £100 million with a slide deck presentation.Government backing was not initially part of the funding strategy.Project Stratum - which was government backing - was a significant competitive win for Fibrus.The company is expanding into Cumbria, focusing on hard-to-reach areas.Customer acquisition is a key focus as they transition from building to operating.Dominic emphasises the importance of understanding infrastructure investment.The company aims to reach 200,000 customers in the next two years.Fibrus operates both an open access network and a commercially integrated retail model.Dominic's accounting background aids in managing the financial aspects of the business. Hosted on Acast. See acast.com/privacy for more information.

Declan Keeney grew up with broadcasting in his blood. His Dad was the driving force behind a revolution in local radio in Ireland. Recognising a demand from rural communities whose stories needed to be told and shared, he lobbied the Irish government to change the broadcasting law and founded Highland Radio in Donegal. It became hugely successful and was the catalyst for a new ecosystem of local radio broadcasting in Ireland that changed the national conversation. Declan is now implementing his own revolution and building a new ecosystem at the cutting edge of the creative industries. Studio Ulster, of which he is co-founder, is a £72 million investment in virtual production located in Belfast Harbour. This technology allows film and television producers to create virtual sets that blend with the real so that fully visualised environments can be captured on camera in real-time without the need for laborious post-production. Goodbye green screens. Hello giant "tv" screens. The new facility also has the very latest in motion capture technology on a scale that's not found elsewhere. There's nowhere else like it, in the world. But what Declan's building is more than a studio: with a network of talent and support across government, academia and industry, he's developing that new creative industries ecosystem. As a Professor at Ulster University he has been instrumental in developing the courses and training for the talent to enter the industry. Studio Ulster is also a key research centre - a CoStar Screen Lab, one of five government-backed centres across the UK, each with a different specialism. And the studio is also hosting and incubating a new generation of companies to work with the global film and television industry. The economic payback for the regional economy could be immense. One of the first productions on site was a docudrama about the Titanic. The production was initially slated for a studio in South Africa with a huge water-based set. But Studio Ulster's virtual environment provided a solution that was closer to home. Rebuilding the Titanic wasn't tempting fate, but instead felt like an appropriate first project - keeping millions in local economy - and the order book for the months ahead at Studio Ulster looks pretty full. Hosted on Acast. See acast.com/privacy for more information.

For years, issues like health and wellbeing have been the preserve of corporate HR departments. John Ryan is on a mission to change that. His approach is radical and based on data. His own wake-up moment was uncovering the shocking evidence that too many workplaces are simply killing their employees. His challenge to organisations is at all levels - some of the worst health is found on the executive floors. But with a rigorous approach he believes he can help companies become healthy places to work and contribute not only to the health and wellbeing of all, but make a real and sustaing difference to the company performance and the bottom line. Hosted on Acast. See acast.com/privacy for more information.

Bernard Sloan studied chemical engineering at Queen's University but found his true calling when he moved to Nigeria with his wife Kerry to run a brewery. He decided to bring that job to an end when a neighbouring business was robbed at gunpoint and his security team took fright and disappeared. But he'd got the beer bug, so he persuaded his dad to let him turn an old cottage on the family farm in Attical, County Down (that had been a potato store) into a brewery. A river, the Whitewater, ran past the house. So, Whitewater brewery was born. Equipment was added as funds allowed with Bernard working as a college lecturer, and later industry consultant, to pay the bills. But 30 years later, Whitewater is going strong in a new 15,000 square foot facility in Castlewellan. Its beers are sold throughout pubs and restaurants across Northern Ireland, with export markets in the US and Japan opening up. Meanwhile, engineer Bernard is constantly adding to the production facilities with bespoke solutions that allow him to offer canning and bottling services to other drinks companies. It's still a team effort with wife Kerry, especially on pizza night when it's all hands to the beer pumps and ovens in the brewery's welcoming beer hall. After 30 years in business, Bernard reflects on how he has constantly pivoted to stay in business and has no intention of slowing down any day soon. Hosted on Acast. See acast.com/privacy for more information.

Does Donald Trump have an economic strategy and what does it mean for us? What are Tariffs? Who pays them? What's the latest development? What's happening with that UK-US deal? Why is Elon Musk so annoyed about Trump's "Big Beautiful Bill"? And what's the lesson from the classic movie Ferris Bueller's Day Off that we need to learn? In this episode, economist Richard Ramsey (Professor of Economic Practice at Queen's University) joins Jim Fitzpatrick to unpack the big issues that are impacting businesses, big and small, everywhere. Given the pace of change, they made sure to record this episode while the President was asleep to keep all the analysis up-to-date. Hosted on Acast. See acast.com/privacy for more information.

There's not much that immediately connects a controversial Irish language rap group from West Belfast and a former Royal Marine and George Cross recipient turned entrepreneur from Armagh. But the story told by film producer Trevor Birney, who brought the niche rap group to the world through the award-winning Kneecap movie; and the incredible life-story of Sam Shephard who served tours in Afghanistan and Iraq with the Royal Marines and displayed off-the-scale heroism that saw him awarded the UK's highest honour for non-combat bravery, do have surprising common threads. There's something about managing dynamic situations, thinking quickly, and not being afraid of danger. There's also something about taking calculated risks and being prepared to manage a situation as it develops in real-time. These are two entrepreneurs with a lot of learning to impart to anyone in business. Hosted on Acast. See acast.com/privacy for more information.

Mark Hutchinson was only 18 when he took charge of the family engineering business in rural South Derry. His father, Creighton, had built a successful business doing bespoke work mainly for the agricultural community in Northern Ireland. But unfortunately Creighton had been diagnosed with Parkinson's Disease and wanted Mark to take the reins. That was 1997 and the young Mark wasn't slow in making bold decisions - such as buying a new bit of equipment that was almost as much as a year's turnover. His father let him get on with things. He reorientated the business away from small bespoke jobs to winning contracts from big manufacturers. Over years of investment in premises, plant, equipment and people, the business is now employing 160 and turning over around £21million. Mark wants that number to hit £50 million. Mark has been joined in the business by his brother and sister and his father's legacy and values remain key. He's building a training academy named after his father that will not only provide training for his employees, but may one day offer services to others across the region. Hosted on Acast. See acast.com/privacy for more information.