Sunday 19 November 2017

Shovlin is brought back to earth with a bump

Ronald Quinlan and TOM LYONS

PADDY Shovlin, the Irish developer who the Sunday Independent recently revealed to have been declared bankrupt in the UK has suffered a further blow to his high-flying lifestyle.

The Landmark Enterprises Chief has quite literally been grounded following the seizure by Royal Bank of Scotland of an Agusta A109S helicopter owned by another of Mr Shovlin's companies, Skyheli Ltd.

Last week, the British-owned banking behemoth Royal Bank of Scotland (RBS) appointed KPMG accountant Kieran Wallace as a receiver to Skyheli, a firm established by Mr Shovlin for the purposes of managing the helicopters used by the developer and his business partners, brothers Pat and Anthony Fitzpatrick.

Skyheli bought the helicopter for about €5m in 2007. KPMG will now try to sell it to recover monies owed to RBS.

While the receiver may have his work cut out for him in trying to offload the helicopter, the developer himself would appear to be well on the way to restarting his career.

As revealed by this newspaper last week, Mr Shovlin is now trading under the name of Placepartner LCPM at the World's End Studios in Chelsea. The fully-serviced office is located just 20 minutes from Mr Shovlin's present home at Mathison House in Coleridge Gardens. While it is unclear whether the developer owns the two-bedroom unit which the Insolvency Service records as his current address, the apartment currently commands a rent of £6,342 (€7,860) per calendar month according to the UK property database, Zoopla.

Closer to home meanwhile, the unfinished shell of an apartment block at the Beacon in south Dublin is the abiding image with which the Landmark Enterprises boss is most readily associated.

Thankfully, work at the development is expected to recommence following a pledge by Nama to invest €11m there as part of its overall plan to pump €2bn into Irish projects between now and 2016.

Sunday Independent

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