ANOTHER SET of accounts to land in the Companies Registration Office recently were results for Ickendel, jointly owned by Johnny Ronan of Treasury Holdings. The company owns the landmark Grafton Street building that houses Bewleys.
The firm, which is also owned by the Conlon family from Kildare, listed tangible assets worth €26.9 million at the end of 2010, down from €38.9 million a year earlier.
The firm’s accountants warn the valuation of property is “subject to uncertainty due to the downturn in the property market and this has severe consequences for the directors’ ability to verify the appropriateness of the carrying value of the property”.
It’s not clear whether the company’s only asset is the landmark building.
The company, which is not connected to Treasury Holdings, gave a legal charge over an office building on Spencer Dock on the Dublin quays on a bank loan and has received dividends of €5 million from other group companies.
The firm had cash of €571,000 at the end of 2010, down from €3.9 million the previous year.
Ickendel’s €21 million loan with Bank of Ireland has been transferred to the National Asset Management Agency. Company directors say they are in talks with Nama on renegotiating the loan.
“The directors believe that Nama will be supportive of the group and future funding will be made available,” the firm says.
The directors of Bewley’s landlord believe the firm will have “adequate resources” to continue trading for the foreseeable future.
