Losses mount for €400k toilet buyer
Published 02/06/2015 | 02:30
Losses continued to mount last year at a construction firm that splurged €400,000 on a derelict 'loo with a view' at the height of the building boom.
In 2008, owner of Galvin Construction Ltd, John Galvin bought the site containing the toilet block on Lahinch promenade "with unrivalled and unparalleled sea views" after his nearest bidder declined to go beyond the €400,000.
At the auction, when asked was he happy with the price paid, Mr Galvin said: "I would be happy if I got it for cheaper, but that's the way it goes."
However, the purchase occurred only three months before the collapse of Lehman Brothers in September 2008 and a collapse in property prices.
Mr Galvin subsequently secured planning for two shops and three apartments on the site in 2011, but has not proceeded with the plan.
Now, new accounts show that the Co Clare construction firm had accumulated losses of €7m at the end of June 2014.
The firms owed €6.9m in bank loans and overdrafts at the end of June last and the accounts just filed with the Companies Office show that the firm recorded losses of €196,652 in 2014.