Bailey brothers' UK firm records €7.6m loss
Published 01/09/2015 | 02:30
A building firm linked to the Bailey brothers in the UK recorded losses of £5.5m (€7.6m) last year.
According to new accounts just filed by Bovale Ltd to Companies House in the UK, accumulated losses at the firm increased from £56.2m to £61.74m in the 15 months to the end of December last.
Last year, Michael and Tom Bailey resigned as directors of their Irish firm, Bovale Developments, after they were disqualified for seven years from acting as directors when the High Court found them guilty of "particularly serious" misconduct in the conduct of the affairs of their Irish firm.
At the end of last December, the brothers' UK firm had bank loans and overdrafts totalling £90.95m.
According to a note attached to the accounts the loan from Nama, is in part, secured by unlimited personal guarantees from two of the company's directors. MF Bailey and TG Bailey.
Documents lodged last month show that Tom Bailey has resigned from the UK firm.
The directors state that they are confident that discussions with Nama will be satisfactorily concluded on their business plan with longer facilities in place.