Tuesday 25 October 2016

Niall Quinn ends his 'ghost-block' nightmare after clearing all debts

Gordon Deegan

Published 10/02/2016 | 02:30

Niall Quinn
Niall Quinn

Former Ireland footballer Niall Quinn has ended his 'ghost apartment block nightmare' after clearing all his debts associated with the venture.

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This follows the Sky pundit selling the 15 one-and-two bedroomed apartment block and adjoining pub overlooking the River Barrow in Bagenalstown, Co Carlow. Quinn owned a 50pc share in the firm, Manorfield Taverns Ltd, that developed the apartment block.

The former Sunderland chairman was 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 to develop the apartment block.

The most recent accounts filed by Manorfield Ltd at the Companies Office show that losses at the firm in 2014 further rose by €324,202 to €5.6m.

Documents lodged with the Companies Office show that the AIB charge associated with the development has been fully satisfied. Mr Quinn declined to comment in relation to the sale.

However, in previous comments made on the investment, Mr Quinn said: "It wasn't the best investment I have ever made, but I have other interests that keep the show on the road. I have got to take this one on the chin and move forward with other things."

He said: "You win some and you lose some and like everyone I am hopeful of a better future than the last number of years."

The loss at Manorfield arose chiefly from the writedown of assets by €209,692 in 2014.

The accounts show that Manorfield had bank loans totalling €4.62m in addition to the €1.2m loan Quinn provided to the firm.

Away from his ill-fated Carlow property venture, Quinn's career after retiring as a professional footballer continues to flourish. The most recent accounts for his media firm, Niall Quinn Media Services (NQMS) Ltd show that he and wife Gillian shared a pay pot of €551,000 in 2014

The revenues for Quinn's NQMS are generated from Quinn's deal with Sky where he is part of a team including Thierry Henry and Jamie Carragher to provide expert analysis on Premier League matches.

Irish Independent

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