Disclaimer by auditors for Butler Group after losses rise to €17.6m
FIRMS controlled by Limerick developer Robert Butler incurred net losses totalling €17.6m in 2010, new figures show.
Earlier this year, a palatial 16,500 sq ft property built for Mr Butler in the picturesque village of Adare sold for €1.9m, or €10m less than its original asking price of €12m in 2008.
Now, accounts filed by his 14 property companies show mounting losses at seven.
At the end of August 2010, the accounts show an overall net deficit of €43m.
Auditors for Robert Butler Group, PGL from Clonskeagh, Dublin provide a disclaimer on the view given in the financial statements because of the limited audit evidence available.
The largest loss was recorded by Mount Kennett Developments which sustained a loss of €14.4m, resulting in accumulated losses of €17.7m at the end of August 2010.
Part of the group's property portfolio is the former Anglo Irish Bank House located at Limerick's Henry Street.
The portfolio includes substantial properties in the Shannon Free Zone and the National Technology Park in Limerick.
A note attached to the returns made by Robert Butler Group Ltd confirms that the firm had net liabilities of €18m. The accounts are the first filed since May 2010.