Top landowners defy the recession as turnover at marina firm rises to €2.3m
TWO of Ireland's most prominent landowners, Gerry Gannon and Ulick McEvaddy, have managed to defy the recession by chalking up higher sales from their Malahide marina. However, they warn the downturn could hurt even the affluent sport of yachting.
Mr Gannon, one of the largest landowners and developers in north Dublin, and Mr McEvaddy, a businessman and landowner based near Dublin airport, own the Malahide Marina Village company, along with Desmond McEvaddy, Ulick's brother, and other investors.
The company directors, among them Mr McEvaddy and Mr Gannon, warn that unemployment could hurt the company, which makes money from the repair of boats, berthing fees and rental income from the Malahide marina centre.
Turnover at the company rose by 5pc to €2.3m in the year to the end of March 2009 -- a period of severe economic distress at home and abroad. After costs, this left the company with an operating profit of €788,000 and net income of €477,000.
But there was a shareholders' deficit of €1.5m, although this had fallen from the previous year, when it stood at €2m.
The principals in the business provided loans to it during the year, the accounts disclose, with Desmond and Ulick McEvaddy and Mr Gannon advancing €1.9m. The loans provided are interest-free and subordinate to other creditors of the company.
They are supplied to fund the development of the marina and are only likely to be repaid when the company has built up sufficient reserves, the accounts disclose. Desmond and Ulick McEvaddy each hold 40pc of the company, with Mr Gannon owning the remaining 20pc.