Urban Life property group brings €2.2m windfall to Larry Goodman’s son

Laurence Goodman jnr, the son of beef baron Larry Goodman, enjoyed a €2.2 million windfall last year from his housebuilding company Urban Life. The business also expanded into Britain last year, while sales and profits spiked as it cashed in on pent-up demand for new homes in Ireland.

Group accounts filed in recent days for Urban Life, covering the 15 months to the end of 2018, show that the cash was paid to Mr Goodman jnr as a loan repayment.

Mr Goodman jnr has sole control of Urban Life, which he set up as the State emerged from the last recession and housing bust.

Double the turnover

The group’s accounts show that, in the 15 months covered by the accounts, sales rose to €33.1 million. That was more than double the turnover in the previous year’s accounts, although that was for a 12-month period.

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Urban Life recorded profits for the 15-month period of €5 million, compared to €1.1 million the previous year. It was sitting on a cash pile of €9.2 million with accumulated profits of €8.9 million.

Notes to the group’s accounts show it sold €11.5 million worth of homes in Ireland. It also banked a €3.4 million fee for development work it undertook on behalf of Yack, a company linked to Mr Goodman snr. Urban Life charged Yack €16.8 million in expenses for the work it completed.

Manchester

During the period, it opened its first British branch, Urban Life Manchester, which is registered to a Birmingham industrial complex used by ABP Foods, the family's meat empire.

Urban Life was founded by the now 38-year-old Mr Goodman jnr in late 2014, just as the property market was kicking back into gear after the crash. It started off building housing estates in the Goodman family’s home county of Louth, as well as buying and finishing off so-called ghost estates languishing after the recession.

Mr Goodman jnr has, in the past, been closely involved with his father’s property interests. Prior to that, he ran a business called Razz Extreme Party Creation, which booked bands, DJs and venues for events such as school debutante balls.