Douglas shopping centre has liabilities of €38m
Published 06/02/2013 | 04:00
New documents lodged with the Companies Office show that the company that was behind the Douglas Court Shopping Centre in Cork has net liabilities of €38.3m.
Last July, Bank of Scotland/ Lloyds appointed KPMG as receiver to Douglas Developments, which is part of the Love family-owned Shipton Group.
Now, new filings with the Companies Office show that the Douglas Court Shopping Centre was valued at €35m last July.
The statement of affairs lodged shows that €80.8m is owed to secured creditor Bank of Scotland, with an additional €336,952 owed to unsecured creditors.
The 12-page document shows that the firm's total assets had a value of €43.35m, with the shopping centre valued at €35m, the firm's Waterpark House valued at €500,000, and 1 Rochestown Road valued at €250,000, with other assets valued at €7.6m.
This results in the company having a deficiency of assets of €38.3m.
Under the control of the receivers, KPMG, the Douglas Court Shopping Centre continues to trade and the company owed the Revenue Commissioners €544,002 in corporation tax and VAT for the period March 31 to July 6 last year.
The statement discloses that the company paid €421,478 by December 21 and owed the Revenue a balance of €122,524.
The document also reveals that €52,869 owed in rates to Cork County Council was paid in full on July 6 last.
The Love family has a retail development history in Cork dating back to the mid-1970s, when the original open mall Douglas Village Shopping Centre opened as Ireland's second-ever shopping centre after Dublin's Stillorgan.
Clayton Love Jnr went on to develop Wilton Shopping Centre, as well as a second one in Douglas, the Pole Field in Blackpool.
Built around 1990, Douglas Shopping Centre has almost 60 units.
The most recent filings by Douglas Developments show that it recorded losses of €29.2m in fiscal 2011 compared to losses of €64.8m in fiscal 2010.
The firm had bank loans totalling €98.5m at the end of March 2011 with assets valued at €85m.
In the accounts, the directors stated that the company's business plan assumes that the company will continue to realise sufficient cash through its current rental income and property disposals during the course of 2012 and 2013 that will enable it to meet working capital and other commitments as they arise.
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