Development firm lost €130 million in a year
A COMPANY part-owned by a County Wexford property developer lost almost €130 million on Dublin development in just one year, according to recently published reports.
Belmayne Ireland Ltd, the company behind a high-profile housing development in Dublin launched at the height of the property boom, lost €129.8 million in 2009.
The company is owned by Wexford man Donal Caulfield (pictured), originally from Ballingly, Wellingtonbridge, and Leo Meenagh, and its loans are now with the National Asset Management Agency (Nama).
Mr Caulfield, who was a highprofile developer during the property boom, was a prominent sportsman in his youth representing Wexford in under-age football and reaching a high level in kickboxing.
The company had bank loans of €157 million at the end of 2009, according to accounts filed. It wrote down the value of its residential stock and development land by €130.5 million during the year to €52.2 million.
The Belmayne development on the Malahide Road in Dublin was launched in 2007 at a high-profile media event featuring champagne and the presence of former Liverpool footballer Jamie Redknapp.
The two directors, in their report accompanying the accounts, said the company was in continuous dialogue with its bankers, and that a business plan was being prepared for consideration by Nama.
Mr Caulfield and Mr Meenagh said they had implemented an aggressive sales and marketing campaign and planned to seek revised planning permission for a scheme more suited to current market conditions. The directors signed the accounts in January 2011. The men have guaranteed the company's debts up to €10 million. Companies they own have provided guarantees up to €20 million. The company's filings show a series of mortgages with Bank of Ireland.
The accounts show turnover for 2009 of €19.48 million, following turnover of €3.99 million the previous year. Directors' remuneration was zero. Two related companies provided services valued at €1.76 million to Belmayne.