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McNamara company records loss of €15.5m

A PROPERTY development company co-owned by developer Bernard McNamara (right) along with two other Co Clare developers incurred a loss of €15.5m in the latest accounts filed.

Ennis-based Radoo Lands Ltd recorded the after-tax loss to the end of December 2009 following a €15.5m writedown in its current and financial assets during the year. Mr McNamara has a one-third share in the company he co-owns with Clare developers Sean Lyne and Noel Connellan, according to documents lodged with the Companies Office.

Last November, Mr McNamara's main construction firm, Michael McNamara Co, was placed into receivership.

The abridged accounts show that Radoo Lands Ltd wrote down the value of its stocks by €7.54m in 2009, while the value of its financial assets was written down by €8.1m to €499,184.