Friday 23 June 2017

McNamara empire to have fewer assets than his wife

Another of the developer's firms, Cicol Ltd, was put into liquidation by NAMA yesterday

Emmet Oliver Deputy Business Editor

DEVELOPER Bernard McNamara's property empire is in danger of having fewer assets than have been accumulated by his wife Moira in her own property company.

Mr McNamara, who des-cribed himself in 2009 as "broke", had another of his companies, Cicol Ltd, put into receivership yesterday by NAMA, leaving him sitting on significant losses.

After losing this company, a large number of properties in Grafton Street, the Elm Park development and the Montrose Hotel, which was closed last year, Mr McNamara's assets have dwindled significantly. The latest setback involves a site in Stillorgan, south Dublin.

However, his wife's company, Mercer Accommodation Group Ltd, still includes the Tara Towers Hotel, Mercer Court and the Corrib Village in Galway.

Mercer trades with a large number of Bernard McNamara's companies, including Michael McNamara & Co. Mr McNamara has also traded with the Mercer business.

A large number of high-profile sites now lie mainly empty as the McNamara empire is being dismantled by NAMA and other lenders.

The Elm Park development, near Booterstown, Dublin, remains largely empty, while the Montrose Hotel, near UCD, is also empty, despite talk of re-opening last January.

The Cicol move by NAMA is based on a loan for this site given by Anglo Irish Bank. According to companies office records, the site is on Lower Kilmacud Road, Dublin.

Accounts for the company show that Mr McNamara was a lender to the firm to the tune of €4.3m in loan stock.

Irish Independent

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