Mulryan’s Ballymore companies lose almost €10m

Two companies connected with Irish property developer Ballymore made combined losses of just under €10 million, according to accounts just filed.

Ballymore Residential Ltd made a loss of just under €5.6 million in the year to the end of March 2016. This was largely down to administrative expenses of €5.3 million with the company’s turnover amounting to just €1.1 million.

Its turnover comprised residential property sales of just more than €1 million, other sales of €80,123 and rental income of €43,496.

The directors’ report states that it was involved in a residential scheme in Dublin. The company closed the year with net liabilities of just more than €62 million and was dependent on funds provided by State agency Nama.

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No remuneration was paid during the year to its two directors, Ballymore's founder Sean Mulryan, and John Sisk.

Ballymore Properties

Separately, Ballymore Properties Ireland Ltd made a loss of €4.4 million for the same time period, with turnover amounting to €2.75 million. The company booked administrative expenses of €7.1 million in the year.

The auditor’s report noted that the company had net liabilities of €102.4 million and was dependent for its working capital on funds provided to it by the Ballymore group.

The main activity of the business was described as the provision of project management and administration services to its parent and to group companies. Its turnover related to management fees and project management income.

The company employed 16 staff and had payroll costs of €1.6 million. The remuneration of its two directors – Mr Mulryan and Mr Sisk – amounted to €332,405 last year, up from €295,458 in the previous period.

Both of these Ballymore companies are subsidiaries of Ballymore Ireland Group Ltd, which is incorporated in the Isle of Man. In December, Mr Mulryan told Ballymore staff that the property company had exited Nama having repaid €3.2 billion in gross debt since 2010.