ARDQUADE, THE company through which businessman John Ronan holds his assets, suffered a loss of €1.25 million in 2008, the latest year for which accounts are filed.
The company holds Mr Ronan’s 50 per cent shareholding in Treasury Holdings, as well as his interest in the Spencer Dock Development in Dublin, and other assets. During the year the company received dividends of €692,771, according to the accounts. A similar amount was received the previous year.
The company’s balance sheet showed it had debtors of €27.6 million at year’s end, and creditors of €30 million. Shareholders’ funds at year’s end were €1.12 million.
The notes to the abridged accounts state that group companies have indicated a willingness to continue supporting Ardquade, as have its bankers.
The company has mortgages registered with Anglo Irish Bank. The bank holds a personal guarantee for €20.9 million from Mr Ronan in relation to bank loans of almost that amount. Bank of Ireland has a guarantee from him for €5 million, in relation to loans of that amount.
Ardquade owns 50 per cent of Treasury Group Holdings. The Ardquade accounts say Treasury made an after tax profit of €6.87 million in 2007. Treasury’s capital and reserves at year’s end were €1 billion.
Treasury is a shareholder in Real Estate Opportunities plc (REO) and China Real Estate Opportunities plc (CREO), both of which are listed in London. REO is behind the massive proposed development for Battersea Power Station in south London, which is understood to be one of the largest development projects in the UK, if not the largest.
The Battersea project is being supported by Irish and non-Irish banks and will require substantial funding over the coming years. Its loans from Irish banks are likely to end up with the National Asset Management Agency (Nama).
Earlier this month, CREO said the value of its property investments in China fell by 14 per cent to €925 million last year.
The Ardquade accounts show that Lanaree, a property investment company owned by Ardquade, made a loss of €8.2 million during 2008. It had capital reserves of €9 million at year’s end and owed €23.9 million to Ardquade.
Ardquade owns one-third of Spencer Dock Development Company Ltd, the company behind the huge development at the site of that name in Dublin’s docklands.
The company and its subsidiaries suffered recognised losses of €71 million during 2008. Closing shareholders’ funds were €90 million.
Another Ardquade subsidiary, Woodreed, is understood to be the owner of the Treasury Building on Lower Grand Canal Street, Dublin. The National Treasury Management Agency, and Nama, are among its tenants. The company made a profit of €147 in 2008.
Another subsidiary, Ardquade Wines, involved in the purchase, storage and sale of wine, made a profit of €150,000 in 2008, the Ardquade accounts show.
Dargle Eventing, involved in the training of horses for competition purposes, suffered a loss of €746,586 in 2008, according to the Ardquade accounts.
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