Johnny Ronan’s Ardquade holds investment properties worth at least €230m

Ardquade, one of the main holding companies in the property group owned by developer Johnny Ronan, banked profits last year of €4.1 million from its income of about €21 million, according to accounts recently filed.

The group, which holds the personal business interests of Mr Ronan and members of his family, had net assets on its balance sheet of €36.7 million at the end of last December.

Ardquade owns investment properties in Ireland, and also in France, valued on its books at about €230 million. It owes banks about €258 million in long- and short-term loans, including an unsecured €4.4 million loan that was sold to an investor in April.

"The new owner will only be calling for repayment of some or all of the liability when the group can meet the obligation," according to a note to the accounts from the directors, who include Mr Ronan and his sons John jnr and James and his daughter, Jodie Savage.

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The accounts note that in August, Ardquade sold one of its investment properties for €1.5 million. It also states that "negotiations are ongoing" for an extension to the development timetable for his proposed 23-storey Aqua Vetro tower on the quays in Dublin city. Mr Ronan has been refused permission by Dublin City Council to remove the hotel component of the mixed-use scheme, to replace it with more offices. Mr Ronan has appealed it to An Bord Pleanála.

Just over half of Ardquade’s €21 million turnover came from rents paid to it, while the rest came from management fees and other charges.

Ardquade's subsidiaries include Ickendel, the group entity that is the landlord for the Bewley's cafe on Grafton street, which fought a long-running battle with Mr Ronan for a rent reduction. Accumulated profits at Ickendel stood at €11.8 million at the end of last December, according to the accounts.