Company linked to Liam Carroll suffered losses of €10.2m
Published 14/12/2012 | 05:00
A COMPANY linked to developer Liam Carroll incurred after-tax losses of €10.2m last year, new company filings show.
Property development and investment company Zelderbridge, which was placed in receivership in August by Ulster Bank, had borrowings of €907m.
Mr Carroll is one of the top 10 debtors at the National Asset Management Agency.
Although the company incurred the multimillion euro loss, the company made a gain of €8.7m based on the revaluation of investment properties located largely in Dublin.
This was compared to total losses of €53.4m in 2010.
In 2010, the value of its investment properties took a hit, with a write-down of €11.3m.
Accounts for the company, whose interests include financial assets in Cherrywood, Clondalkin Shopping Centre Limited, and Dunloe Ewart Property Company, show that its investment and property portfolio had a book value of €366m.
The deficit on shareholders funds was €584m. A subsidiary, Rambridge, issued unguaranteed loan notes worth about €27m to companies controlled by Mr Carroll and his pension fund.
The group sold off subsidiary Alocin during the year for €103m, with a profit of €36.9m, the accounts show.
The accounts state that the group's ability to continue to operate is dependent on the availability of continued financial support from the group's bankers. "The directors have reviewed financial projections, held discussions with its bankers and considered the availability of financial support and, on this basis of this review, believe that appropriate funding will be made available to the group to continue as a going concern," it said.
Some 24 people were employed in the company, down six on 2010, sharing wages worth €2m, or about €84,000 each on average.
Turnover was up fractionally on the previous year to €20.7m, with the bulk coming from rental income.
The accounts also show that €213m worth of the company's loans had been transferred to NAMA by the end of last year.