Business Irish

Sunday 23 July 2017

Cerberus installs receiver over Beatty family assets

Cerberus has had a receiver appointed over certain assets of a company connected to one of Ireland's wealthiest families. Stock photo: Reuters
Cerberus has had a receiver appointed over certain assets of a company connected to one of Ireland's wealthiest families. Stock photo: Reuters

John Mulligan and Gavin McLoughlin

Cerberus has had a receiver appointed over certain assets of a company connected to one of Ireland's wealthiest families.

The company, Denizen, is owned by members of the Beatty family, including its patriarch Walter Beatty Snr, according to the most recent Companies Registration Office filings.

Denizen took out a mortgage with Ulster Bank, giving the bank a charge over land at Drogheda in Co Louth. The mortgage was subsequently sold by Ulster Bank to Cerberus.

The US investment giant's subsidiary Promontoria (Aran) has now had Ken Fennell of Deloitte appointed as a receiver to assets of the company in connection with its membership of an entity called the Colt Partnership, according to a notice in the official State gazette Iris Oifigiuil.

Most of the Beatty family's money comes from investments in hotels, via a stake in what was the Jurys Doyle hotel group, which has paid out sizeable dividends over the years. The family is also involved in a law firm.

Walter Beatty Snr (83) was ranked 53rd on this year's edition of the Sunday Independent rich list, with an estimated worth of €293m.

He did not respond to a request for comment.

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