Gannon grants Nationwide charges over key schemes
Published 23/09/2010 | 05:00
DEVELOPER Gerry Gannon has granted Irish Nationwide charges over his landmark Rockfield and Riverside schemes in Dundrum, the Irish Independent has learned.
The Dundrum charge is one of three new charges registered by Nationwide against Gannon Homes Ltd in late June, according to Companies' Office documents.
Irish Nationwide already has several charges against Gannon Homes, while other charges are held by a variety of banks including Anglo Irish Bank, AIB and Bank of Scotland (Ireland).
Asked about the latest charges last night, Mr Gannon said they were "normal day-to-day business".
As well as the Dundrum developments, the new charges also extend to land Mr Gannon owns in Malahide and Coolock, in north county Dublin.
Best known as one of the infamous 'Golden Circle' that bought up Anglo Irish Bank shares as Sean Quinn was unwinding his position, Mr Gannon has been a major player in the Dublin development scene for more than a decade.
The latest accounts for Gannon Homes show bank loans of almost €190m at the end of 2007, including €63m of short-term debt and €125m of longer-term borrowings.
Turnover for the 2007 year came in at €64m, sharply down on the €112m enjoyed the previous year. Gannon Homes also swung to a €13.6m loss in 2007, against 2006's marginal profit.