Noel Smyth’s Bridgeclip records pretax loss of €8.8m after property writedown

Subsidiary plans to construct 159-unit build-to-rent scheme beside Arnotts

A Noel Smyth property entity recorded pretax losses of €8.79 million in 2020 mainly due to a €5.17 million non-cash write-down in investment properties.

New consolidated accounts filed by Bridgeclip Holdings Ltd show the group recorded the pretax losses as revenues more than halved from €26.96 million to €12.81 million in the 12 months to the end of June 30th, 2020.

The accounts show Anne Marie Smyth held the entire share capital of the company until June 2nd, 2021, "when she disposed of 50 per cent of the share capital to her spouse Noel Smyth".

The holding company has 48 subsidiaries, including Fitzwilliam Real Estate Capital Ltd.


The subsidiaries also include Fitzwilliam Real Estate Developments Ltd, which has plans before Dublin City Council for a 12-storey. 159-unit build-to-rent scheme beside Arnotts in Dublin city centre, and Fitzwilliam DL Ltd, which has plans for an 88-unit build-to-rent scheme for Dún Laoghaire's Seafront Quarter.

The new accounts show that the group’s pretax loss of €8.79 million followed a pretax profit of €17.3 million in 2019, which was buoyed by a non-cash €10.7 million gain in the value of investment properties.

Operating loss

The group recorded an operating loss of €1.49 million for 2020, while interest payments of €1.79 million combined with exceptional costs of €324,923 and the non-cash property write-down resulted in the pre-tax loss of €8.79 million.

The exceptional costs were comprised of a €201,995 loss on the sale of investment properties and €122,928 in the impairment of stocks.

The directors noted that at the end of the year the business had assets valued at €63.28 million and liabilities of €37.89 million. They said they are experienced in their field and that the company is well positioned going forward.

A breakdown of the business’s revenues show that €9.3 million was generated in Ireland, with €3.44 million in Europe and €44,692 in “rest of world”.

The pretax loss takes account of non-cash depreciation costs of €103,931 and a €93,012 loss on foreign currencies.

The accounts show the business benefited from €48,959 in government grants and confirm that it availed of a suite of grants made available in response to Covid-19.

Numbers directly employed by the company totalled 12 and staff costs decreased from €1 million to €751,825.

Directors’ pay fell from €501,826 to €408,793. The amount repayable to Mr Smyth reduced from €1.14 million to €561,667 during the year.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times