Meeting of Devey creditors called

A MEETING of creditors has been called for the Devey Group, the property company controlled by developer Terry Devey.

A liquidator is to be appointed at the meeting, which is scheduled for January 4th.

The nursing home business Guardian Healthcare, previously owned by the Devey group, has been in receivership since May.

Kieran Wallace of KPMG was appointed as receiver over the company, which controls four nursing homes: St Doolagh’s Park in north Dublin, Gormanston Wood in Co Meath, Suncroft Lodge in Kildare, and St Peter’s in Co Louth.

All continue to operate as normal.

As well as healthcare, the Devey group was involved in a number of high-profile property deals, including the redevelopment of Smithfield and Grand Canal Dock in Dublin.

It also operated Chief O’Neill’s hotel in Smithfield.

According to accounts for the Devey Group, its main subsidiary company, Birchford Investments, owed banks €104 million and owed €21 million to investors at the end of March 2009.

Other creditors included trade creditors, who were owed more than €5 million at the end of March 2009.

The company made a loss of over €18 million in the 2009 financial year.

Turnover more than halved to €14.1 million, down from €29.3 million the previous year.

Some €10 million of 2009’s revenue derived from the nursing home business.

The Devey Group was also involved in the development of 84 apartments, retail and commercial units and a hotel near the Grand Canal Theatre in Dublin.

The directors of the company are listed as Terence Devey and Martin Carroll.

The company’s bankers included ACC, Anglo Irish Bank, Irish Nationwide, AIB and Bank of Scotland (Ireland).