McNamara's wife's company moves into the black
The wife of property developer Bernard McNamara has seen her company move back into the black after losses that occurred as the economy entered the downturn.
Moira McNamara, a director and shareholder of Mercer Accommodation Group, reversed a loss of €1,714 to end the period April 2010 with accumulated profits of €161,613.
The company had cash on its balance sheet of €305,031.
The group -- according to its website -- consists of the Tara Towers hotel in south Dublin, the Mercer Court complex in Dublin city centre and Galway's Corrib village, which provides summer accommodation.
The accounts indicate the company is facing challenging conditions.
"The directors have reviewed the deterioration in the financial and economic environment which has occurred and are aware of the market conditions in which the company now operates,'' the accounts stated.
During the year the company was charged €412,000 plus VAT by Simcoe Industries, a company controlled by Moira McNamara. Bernard McNamara is one of the parties which the company has transacted business with during the year under review.
Mr McNamara hit the headlines in 2009 when he said he was effectively broke with debts of about €1.5bn.
One of the major causes of financial distress for him was a legal action taken against him by a group of private investors involved in the Irish Glass Bottle site. The McNamaras recently sold their home on Ailesbury Road in Ballsbridge, Dublin 4, for a price of about €10m. The sale was handled by Sherry FitzGerald and Christie's International.
The biggest blow to Mr McNamara occurred two years ago when his construction company, Michael McNamara, was put into receivership.