AIB takes control of Athlone Towncentre

AIB has taken control of the Athlone Towncentre shopping mall with the agreement of its owner, which owes the bank between €200 million and €250 million.

Accountancy firm Grant Thornton announced yesterday afternoon that the bank has appointed partners and insolvency specialists Stephen Tennant and Paul McCann as joint receivers over the centre in the midlands town.

Company documents show AIB is the only secured lender to the shopping centre’s owner, headed by ATC Property Holdings. Reports yesterday suggested a number of parties have expressed an interest in buying the centre.

The centre's backers are closely associated with accountancy firm Russell Brennan Keane (RBK). ATC shares its registered office with the practice on 96 Lower Baggot Street in Dublin, while RBK partner Tom Donohue is a shareholder in the shopping mall's holding company.

ATC's other shareholders include businessman John O'Sullivan and his family from Kiltoon, Co Roscommon, and James Keane and his family, from Athlone.

Sale fell through
The development was put on the market in 2007 but a sale fell through.

Grant Thornton said the “properties included within the receivership appointment are the shopping centre and associated car parking, and 150 apartments which have been successfully rented out”.

It said all shops at the centre would continue to trade as normal. The centre has a small number of direct employees and Grant Thornton confirmed that their jobs are safe.