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Victoria Homes receiver discharged as firm resolves issues with lender



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Victoria Homes, a Dublin-based housebuilder owned by Celtic Tiger builder Paddy Byrne, has "resolved all outstanding issues" with Lotus Investment Group that saw a receiver appointed over some of its assets.

Last May, funds linked to Lotus Investments Group, an Irish-based private equity firm for property and construction finance, appointed a receiver over certain assets of Victoria Homes and related company Ladywell Homes.

Lotus Investments Group is chaired by Israeli investor David Grin and counts Ian Lawlor as its managing director.

Myles Kirby, a managing partner at Kirby Healy Chartered Accountants, was appointed as the receiver for a single asset in Co Kildare owned by Victoria Homes. Kirby was also appointed receiver of the Corrybeg Way development of 16 homes near Templeogue.

In response to questions from the Sunday Independent, a lawyer representing Victoria Homes said the company had come to an agreement with the funds linked to Lotus.

"For the purpose of certainty, our clients are happy to confirm that they amicably resolved all outstanding issues with the Lotus Investment Group some time ago. The details of the agreement will remain strictly confidential between the parties. However, we can confirm that the appointed asset receiver has been discharged.

"As you are aware, there has been a long-standing and excellent working relationship between both parties. This relationship has seen the delivery of a considerable number of high-quality residential homes.

"It is a relationship our clients value, and it remains very much intact."

According to previous media coverage, Lotus Investment Group has been one of Victoria Homes's biggest backers.

Accounts filed for the end of 2018 show Victoria Homes owed its own creditors €31.8m. This included €15.4m owed to credit institutions and €13.8m it owed to "other creditors including tax and social insurance".

The accounts also show Victoria Homes had current assets worth €36m. Of that, €25.8m was made up of stock, while €9.7m was owed to it by debtors.

According to Victoria Homes' website, the company has so far completed 28 developments with 572 units. It has 3,268 units either in planning or granted.

Since 2013, Lotus Investment Group has made 260 loans and lent over €364m. Its financing has helped in the construction of nearly 3,000 homes.

Lotus did not respond to a request for comment.

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