Win some, lose some says Quinn as firm's losses climb
Published 13/09/2013 | 05:00
THE property investment woes of former Ireland soccer international Niall Quinn continued last year, with accumulated losses at his property firm climbing by €844,000 to €5.3m.
But he remains upbeat, saying: "You win some, you lose some."
New accounts filed by Manorfield Taverns Ltd show the firm sustained the loss after writing down the value of its Co Carlow property by almost half to €800,000.
Mr Quinn, who was capped 92 times, owns a 50pc share in the firm, as does Dublin developer Cosmo Flood.
The former Arsenal, Manchester City and Sunderland star is on the hook for a 50pc or €2m share of the €4.1m personal guarantee provided to AIB on loans taken out by the firm.
The guarantee and mortgage debenture with AIB relates to an unfinished apartment block site in Bagenalstown, Co Carlow, which includes a pub that is currently trading.
However, Mr Quinn is not unduly concerned.
"It hasn't turned out to be a good financial investment and I have made a substantial loss on it, but you win some and lose some and you just have to get on with it," he said yesterday.
The downturn in fortunes for his property investment venture is in sharp contrast to the performance of his media firm, Niall Quinn Media Services Ltd, which recorded profits of €555,000 last year, a result that coincided with his return to Sky Sports as a football pundit.
The Bagenalstown block, which contains 15 one- and two- bedroomed apartments, overlooks the River Barrow, while Manorfield Taverns Ltd is also a holding company for an adjoining pub.
Mr Quinn, who enjoyed a personal windfall from the sale of Sunderland FC, pointed out yesterday that Manorfield is a non-trading company, and the loss arises from writing down the value of the property by €700,000 during the year.
A note attached to the accounts shows the directors wrote off the €700,000 "bearing in mind the current economic climate, on the grounds of prudence".
The accounts show the firm has a bank loan of €4.5m, while Mr Quinn has provided a loan of an additional €1.2m.