Business Irish

Friday 22 September 2017

'Redundant' management firm Lioncourt Capital to be wound down

Donal O'Donovan

Donal O'Donovan

WELL-KNOWN businessmen Michael Tunney and David Andrews have called a creditors' meeting to wind down their Lioncourt Capital property management vehicle.

Lioncourt once managed a global portfolio valued at hundreds of millions of euro.

A creditors' meeting will be held at the Bewley's Hotel in Ballsbridge. Company debts are understood to be minor and the main creditors are believed to include the company's two shareholders.

Creditors will be asked to appoint a liquidator on June 4.

Mr Tunney said last night that the intention is to wind-up what has become a redundant management company.

Connected

"Lioncourt Capital currently owns no property and is not connected with any of our businesses, all of which are trading successfully," he said.

Lioncourt previously controlled a 31pc stake in branded food company Jacobs Fruitfield, which was sold last year in a deal that valued the business at around €80m.

A UK venture in which Lioncourt backed the £229m (€286.5m) buyout of the Jarvis chains proved less successful.

Many of the hotels operating under the Ramada brand were put up for sale earlier this year, and the 'Financial Times' reported that RBS, which had financed the buyout, was considering taking control of the hotels.

Irish Independent

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