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 Donal Caulfield and Leo Meenagh, and its loans are now with the National Asset Management Agency (Nama). The company had bank loans of €157 million at the end of 2009, according to accounts just 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. Photographs used to market the development were criticised at the time because of their sexual nature. 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.
The directors 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.
Attempts to contact Mr Caulfield and Mr Meenagh were not successful. 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.
