Liquidator appointed to property group Blackpool Developments

Company sold Blackpool Shopping Centre in Cork in 2014 to clear liabilities to Nama

Blackpool Shopping Centre in Cork was sold to US investor Varde Partners in 2014 for €116 million.

Blackpool Shopping Centre in Cork was sold to US investor Varde Partners in 2014 for €116 million.

 

Creditors recently appointed accountant Aidan Heffernan of Hitchmough Kinnear and Company as liquidator of Blackpool Developments, a property firm part-owned by businessmen Clayton and Neil Love.

The company developed Blackpool Shopping Centre in Cork, which was sold for €116 million in 2014, to clear liabilities to one of its main creditors, the State’s National Asset Management Agency (Nama).

Creditors appointed Mr Heffernan as liquidator at a meeting on May 6th, documents filed with the Companies Registration Office show.

The company’s most recent accounts show that it had liabilities of €33.65 million at the end of 2020. It also held investment properties valued at €4.6 million.

Accounts for previous years state that Blackpool Shopping Centre had been its main asset and source of income.

Blackpool Developments Ltd is owned by Shipton Group, whose shareholders are Clayton and Neil Love and Sarah Cronin, who are also the shopping centre firm’s directors.