Monday 19 February 2018

Desmond refinances music empire borrowings

MUSIC MAN: Pop promoter Denis Desmond has split from his wife Caroline Downey
MUSIC MAN: Pop promoter Denis Desmond has split from his wife Caroline Downey
Nick Webb

Nick Webb

Denis Desmond, Ireland's biggest entertainment promoter, who split from his wife Caroline Downey following revelations that he had an affair, has refinanced a chunk of his €65m corporate borrowings from Bank of Scotland.

New corporate filings for Gaiety Investments, one of the companies at the core of Mr Desmond's €200m entertainment empire, detail the procedures that must be followed if any of the shareholders decides to sell their shares in the firm.

The filings show that owners of a certain class of shares cannot sell out without "the prior written consent" of other shareholders.

The debts of the company have also been overhauled.

Last June, Bank of Scotland agreed new facilities with Gaiety Investments, with the firm using a Los Monteros property in Marbella as security.

Another property bought by Gaiety Investments in Arona, near Marbella, in 2007 is also listed as security for a loan.

Other assets including trademarks and contracts are likewise listed as security.

Company filings also show Mr Desmond and his fellow directors are subject to new restrictions on the transfer of shares in the company which serve as security on their loans.

A spokesman said: "MCD is a private, family-owned company, therefore all financial matters are private and confidential."

Sunday Independent

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