Three Ballymore companies owed €118 million

Three Ballymore group companies ended their last financial year owing the banks and Nama almost €118 million, according to the latest figures.

Recently lodged accounts show that three companies in the Irish arm of the development group – Ballymore Developments, Ballymore Land and Ballymore Property Investments – owed a total of €117.9 million to banks and Nama on March 31st last, the end of their financial year.

Ballymore Developments owed €16.9 million, Ballymore Property Investments €38.6 million and Ballymore Land €62.4 million.

In addition, the three had contingent liabilities resulting from cross-guarantees given over other group entities’ debts. They also owed considerable amounts directly to other group companies.

The accounts for all three say the group has agreed a business plan with Nama, which inherited the debts to Ballymore’s Irish banks in 2010. They say they are meeting the targets agreed with the State agency.