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Gannon's main building firm returned to profit last year


Developer Gerry Gannon plans to build 250-plus houses in Dublin scheme next year.

Developer Gerry Gannon plans to build 250-plus houses in Dublin scheme next year.

Developer Gerry Gannon plans to build 250-plus houses in Dublin scheme next year.

The house-building business owned by one of the country's best known builders, Gerry Gannon, has sold all of the 100 homes it has built this year.

Confirmation of the successful return of Mr Gannon's firm to the house-building business coincides with new accounts just filed by Gannon Homes which show a return to profit last year.

Accounts filed by the firm to the Companies Office for 2013 show that accumulated losses narrowed by €8.1m to €134.9m.

Earlier this year, in a a press interview, Mr Gannon - 'the man in the hat' and one of the Maple 10 Anglo Investors - confirmed that his firm has returning to building homes in north Dublin.

"There is a recovery. We're starting to build houses again in north Dublin. We're building 500 homes in Swords," Mr Gannon said.

A spokesman for Gannon Homes yesterday confirmed that the 100 houses built by the company this year have all been sold and confirmed plans by the firm to more than double output in 2015 with plans to build '250-plus' next year.

He said: "We have an ambitious building programme in place."

In September, Gannon Homes had the biggest new homes launch in the capital in recent years with the first phase of the Millers Glen development of 60 new houses near Swords.

The Gannon scheme is being funded with development finance from Nama, which is currently managing Gannon's substantial loans.

The new scheme has permission for up to 1,500 homes by the time it is completed and it is expected to meet some of the demand for new family homes in the capital.

The Gannon Homes spokesman said that the sell-out of the homes "gave us huge confidence, but Gannon Homes has a long established strong reputation for delivering a very good product".He said that the sell-out of Millers Glen "didn't happen overnight".

Construction on the next 60- unit phase of the Millers Glen development is expected to commence early in the New Year.

The spokesman said that the firm was engaged in the planning for its new homes in 2012 and 2013.

The auditors for Gannon Homes, Copsey Murray, confirm in the 2013 accounts that Gannon Homes recorded a profit last year.

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In a note attached to the accounts, the auditors state that they have considered the firm's disclosures concerning the company's ability to continue as a going concern.

The auditors state that at balance sheet date, the company's liabilities exceed assets by €134m.

The abridged accounts do not show how much Mr Gannon and fellow directors received during 2013.

However, an examination of the firm's accounts between 2011 and 2007 show Mr Gannon, Aidan Kenny and Michael Anglim shared total remuneration of €7.2m which included an exceptional pension payment of €1.5m in 2006.

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