Ocean Capital is still afloat

Financial statements for last year have just become available for Ocean Capital, a private equity firm co-owned by Dublin stockbroker Paul McGowan.

Ocean was set up in 2005 to invest in the then-booming commercial property scene across continental Europe, but its accounts show many of its subsidiaries didn’t trade in 2014. Its total investments are carried at a value of just €126,000, while its accumulated losses crept up to by almost €40,000 to €237,000 during the year.

Ocean’s website is still on the go, however, with undated announcements looking for investors for commercial property deals in Belgium, the Netherlands and Luxembourg and for a retail park in Portugal.

Ocean had originally partnered Domhnall Slattery's Claret Capital and Limerick developer Parkes Properties with a view to funding projects in Europe.

Gowan remains a director and shareholder of the wonderfully-named Htamrefta (that's aftermath backwards), which used to be Dolmen Securities until that firm was bought out by Cantor Fitzgerald.

The vehicle, still owned by old Dolmen shareholders, holds some of the consideration paid by Cantor, and it also appears to be where the earn-outs from the deal ultimately get paid.

It has shareholders funds of €17.5 million, a thoroughly pleasant aftermath.