Tuesday 6 December 2016

Anglo appoints receiver to Dooley company

PROPERTY

Published 20/10/2011 | 05:00

A company owned by well-known Wicklow estate agent Gabriel Dooley has been taken into receivership with debts of €2m.

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State-owned Anglo Irish Bank this week appointed accountant Tom Kavanagh, of Kavanagh Fennell, as receiver to take control of International Inns Limited, a 20-year-old property investment company owned by Mr Dooley.

Last night, Mr Dooley told the Irish Independent that the International Inns venture has no connections to his main operating companies, which are not affected by the Anglo move.

He said International Inns had no staff or trade creditors, so no one other than the owners and the banks that financed property purchases were affected by the receivership.

Mr Dooley said he had expected the move by the bank to take control of property assets, following disagreements over planned property disposals over the last two years.

The receiver was not available for comment last night.

Assets

Accounts filed with the Companies Office show International Inns had assets including an ACC bond valued at €500,000 and properties valued at €3.6m in February 2009.

Debts of €2.3m are owed to banks, according to the latest abridged accounts filed for the business.

The Athy native was based in the Bray area for many years, and is a well-known name across Leinster thanks to his Dooley estate agent group.

The Dooley group has branches across Co Wicklow, south Co Dublin and east Kildare.

The business expanded between 2003 and 2008 by setting up a franchising arm. Dooley is also involved in commercial property -- particularly the pubs business.

Dooley was part of a consortium, including Ballymore Properties, that tried to develop the €40m Florentine Shopping Centre in Bray in the mid 2000s. The development was subject to a series of planning delays before being shelved in 2008.

Accounts for the company show that Anglo Irish Bank, Bank of Scotland (Ireland) and ICC Bank each have charges over properties in Wicklow, owned by International Inns.

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