O'Callaghan goes unlimited route

Cork-based property developer Owen O'Callaghan has re-registered one of his businesses as an unlimited company.

Moyglen Holdings, a property business in which Mr O'Callaghan has a 40 per cent shareholding, went unlimited on December 11th. This means Moyglen will no longer have to lodge its accounts with the Companies Office and shields its financial performance, directors' pay and pension costs from the media.

It also means that Moyglen's owners will be personally liable for the debts of the company in the event of a winding up. The other shareholders are John J O'Callaghan, who also controls 40 per cent, and Aidan Lucey, who owns the balance.

Moyglen's last set of filed accounts show that it made a pretax profit of €12.5 million in the year to the end of June 2006. This compared with a pretax profit of €8.9 million in 2005.

Its turnover rose by 53 per cent to €27.8 million. The company carried forward retained profits of €32.3 million. Moyglen is involved in housing development "in and around the Cork city area", according to its accounts.

A number of leading Irish businessmen have gone the unlimited route in recent years, including property developers Sean Mulryan and Liam Carroll and beef baron Larry Goodman.