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Friday 9 December 2016

Mulryan firm sells chopper and repays most of €6.2m bank loan

Published 12/03/2011 | 05:00

A firm controlled by property developer Sean Mulryan finally offloaded its helicopter within the past year and repaid almost all of a €6.2m bank loan outstanding on its books.

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Accounts just filed for Arkiva, which was described as having provided transport services to Mr Mulryan's Ballymore property group, had put the helicopter up for sale some time ago.

Mr Mulryan and a raft of other developers who swelled the ranks of Ireland's chopper owners during the boom all rushed to ditch the expensive trophy assets as they suffered from the severe downturn.

Arkiva notes that at its financial year-end in March 2010, it received an almost €294,000 deposit for the helicopter. The buyer is unknown.

It was previously reported that Arkiva operated an Agusta Bell helicopter on behalf of Ballymore.

Last year, it emerged that the Quinn Group was in talks to sell its helicopter. Other businessmen who have sold their choppers include beef baron Larry Goodman and supermarket boss Ben Dunne.

Mr Mulryan is one of a number of developers who has seen tens of millions of euro in loans from his property outfit transferred to NAMA. Pre-tax losses at his Ballymore firm soared to over €119m in 2009.

And accounts for Arkiva show that turnover generated from providing helicopter transport to Ballymore was €95,833 in the year ended last March. That was down from just over €1m in the 2009 financial year. The company posted a €1.2m loss in the last financial period.

Irish Independent

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