Business Irish

Tuesday 12 November 2019

NAMA sends in receivers to 'Maple 10' developer

Donal O'Donovan

Donal O'Donovan

NAMA has appointed receivers to "Maple 10" developer John McCabe's building firm over debts of around €200m.

The state-controlled National Asset Management Agency (NAMA) appointed Jim Hamilton and David O'Connor of accountants BDO as receivers of McCabe Builders (Dublin) on August 31.

McCabe's is best known for its "millionaires' row" development at Abington in the Dublin suburb of Malahide.

Pop star Ronan Keating and former Anglo Irish Bank boss David Drumm were among the buyers of 50 homes in the exclusive development that were sold at the height of the boom.

The company was set up in the 1970s by husband and wife team John and Mary McCabe.

John McCabe was one of 10 customers of Anglo Irish Bank who each bought a 10pc stake in the lender in the so-called "Maple 10" deal in 2008.

Anglo arranged the deal and provided loans to finance the purchase of the shares from Sean Quinn in a controversial deal that is now the subject of a legal action by the State against three former Anglo executives.

The appointment of receivers follows reports last month that the company was locked in talks with NAMA in relation to an asset sale strategy.

McCabe's part-built Eagle House investment property in London was sold for a reported €51m as part of that effort.

However, those reports were quickly followed at the start of this month with an action by recruitment firm MCR Personnel to have McCabe liquidated over what it claimed was an unpaid debt.

Now NAMA has moved to secure its position ahead of any such liquidation by having its own receivers appointed.

Last year McCabe came close to agreeing a rescue deal with Bahrain-based Western Gulf Advisory (WGA).

WGA was to take a stake in the business by buying some of McCabe's debt and would then provide €50m in fresh capital to finish out stalled projects, but the deal was never completed.

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