Thursday 17 April 2014

Nama moves against firm of Beverly Flynn's partner

HER father Padraig famously fretted on The Late Late Show about the expense of running three homes on an EU commissioner's salary. But it looks like his daughter, Beverly Flynn, won't have to worry about such things.

Last week, the recession seemed to catch up with the extended Flynn dynasty when Nama sent in the receivers to her long-term partner's property-development company in Castlebar, Co Mayo.

According to local sources, at 6pm last Thursday the locks were changed at Tony Gaughan's offices on the Moneen business retail park, which he built during the boom.

Nama's move against Mr Gaughan's construction firm is detailed in the latest edition of Iris Oifiguil. The notice, published last Thursday, said that on November 27, Nama appointed Declan McDonald of PricewaterhouseCoopers as receiver over TJ Gaughan Construction Ltd.

Nama took Mr Gaughan's loans to Allied Irish Banks. His debts include five mortgages between 2002 and 2006. The size of his debt to Nama is not known but it was sizeable enough to be taken off the books of AIB and absorbed by the State's bad bank.

It is a reversal of fortune for Mr Gaughan and his partner Beverly. Locals have commented in the past on the charmed life of the Flynns and their extended clan.

Ms Flynn has said that she will spend her life paying off the €1.3m she owes RTE as a result of her failed libel action in 2001.

She left the Dail after 13 years as a TD with a lump sum of €180,000, a pension of €34,000 and a taste for expensive designer handbags.

Her partner, Mr Gaughan, first came to public prominence escorting Ms Flynn to the High Court during her costly libel action. He was a successful and wealthy builder in his native Mayo, having returned from England where he grafted on building sites and founded TJ Gaughan construction in 1990.

The couple, who have two children, live in an impressive five-bedroom home on the outskirts of Castlebar, not far from the family patriarch, Padraig Flynn.

But economic reality is biting. During the boom, Mr Gaughan and his fellow directors shared salaries of €250,000 and generous payments into their pension scheme. The latest accounts for 2008 showed a loss for that financial year of €2.7m.

Now retired from politics, Ms Flynn runs her own business, Young Meadow Ltd, which provides social care services.

Mr Gaughan stepped down as a director last year. The accounts show it had cash in hand and in the bank of €15,147.

A spokesperson for Nama declined to comment on the appointment of a receiver to Mr Gaughan's businesses.

Sunday Independent

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