Mulryan firms post €42m in losses

TWO PROPERTY companies owned by developer Seán Mulryan posted combined losses of more than €42 million in the year ended March 2010. Brambleglen Limited and Ballymore Developments are subsidiaries of Mulryan’s Ballymore Properties, which is not obliged to file full accounts due to its unlimited status.

Accounts just filed for Brambleglen reveal that losses soared to €40 million in the 2010 financial year, compared to €3 million the previous year, primarily due to a €38 million writedown on outstanding receivables due to the company from other group companies.

While loans related to the Ballymore group have transferred to the Nama, Brambleglen’s main lender is Ulster Bank, which is not involved in Nama. Ulster Bank holds a charge over land in Co Wicklow. Brambleglen also banks with Bank of Ireland, according to the accounts.

Ballymore Developments Limited posted losses of €2.3 million last year – though the company had no turnover – due to a €1.65 million provision against intercompany receivables and a €688,000 interest bill on bank loans. It had close to €49 million in bank loans on its balance sheet.