Irish

Wednesday 30 July 2014

Glass Bottle saga drags on

Published 15/01/2013|05:00

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THE potential acquisition by Ardagh Group of Verallia North America (VNA) leaves us wondering about where we are with one of the most high-profile landmarks of the property bubble – the Irish Glass Bottle plant.

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Ardagh, of course, has nothing to do with the site anymore, having sold it for €412m back in 2006 to a group of investors, including the Dublin Docklands Development Authority (DDDA).

But in March last year it appeared that NAMA had appointed receivers to the company that controls it, Becbay Limited.

It was expected that the site would be sold as soon as possible, although at a fraction of its boom time value.

So far, there doesn't seem to have been any great movement on that front.

The State has already taken a significant hit in its investment in the site as a result of the property crash.

The task now is to get some recourse for the hard-pressed taxpayer.

Irish Independent

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