Jackson Homes reports €7.28 million operating loss

Jackson Homes, the company owned by developer Bryan Cullen, has reported an operating loss of €7.28 million for the year to the end of December 2012, at which point it had accumulated losses of €11.2 million.

The accounts for the company say it is dependent on the support of the National Asset Management Agency, and owes Mr Cullen €28.6 million. The debt to Mr Cullen was €30.4 million at the end of the previous year.

Donnybrook development
Jackson Homes was behind the Bloomfield residential development in Donnybrook, Dublin 4, the postal address most associated with Mr Cullen's projects during the boom years.

The value of the company’s work in progress is shown as having fallen to €29.8 million at the end of 2012, compared with €36 million at the end of 2011.

“The ability of the company to continue as a going concern is largely dependent on the future views/actions of Nama, which cannot be ascertained at present,” according to notes to the accounts, which approved by the board on April 13th.

The accounts say it is the directors’ view that Nama will continue to support the company. The company’s bank overdraft grew to €12.5 million from €10.4 million at the end of the previous year.