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Nama'd developer of Swords homes made €143 million loss in 2012

Developer Gerry Gannon was also part of the Maple 10 Anglo Irish Bank transaction.

Image: Mark Stedman/Photocall Ireland

GANNON HOMES, THE developer of the Millers Glen complex in Swords, made a loss of €143 million in 2012.

The developer’s most recent filing with the companies office show that it has total debts of over €207.5 million, with current assets valued at €47.1 million.

In a note attached to the accounts, the auditors said that there is a “material uncertainty which may cast doubt about the company’s ability to continue as a going concern”.

The company is owned by prominent property developer Gerry Gannon, who was part of the so-called ‘Maple 10′ transaction who were allegedly given hundreds of millions by Anglo Irish Bank to re-invest in the bank as its share price plummeted.

Gannon was catapulted into the spotlight again yesterday when it emerged that prospective buyers are camped outside its Millers Glen development in Swords, hopeful of securing one of the new homes on offer.

File photo: Gerry Gannon of Gannon Homes Gerry Gannon Mahon Tribunals Developer Gerry Gannon Source: Graham Hughes/Photocall Ireland

The net loss at the company for 2012 was €1.2 million, although the heavy borrowings carried by the company mean that the deficit in the profit and loss account for that year was €143 million.

Gerry Gannon’s loans, many of which were with Anglo and Irish Nationwide, which held charges over his company, were transferred into Nama after the property collapse.

A note in the 2012 accounts reads:

It is the intention of the directors, with the support of Nama, to maximise the value of the company’s asset through holding the assets for sale in the medium/long term when market sentiment improves.

Previous filings with the company’s office show that directors, including Gerry Gannon, shared remuneration of €270,880 in 2011. Since the peak of the boom in 2006, the company has paid out directors remuneration of more than €5.7 million.

Millers Glen Development queue. Pictured Source: Mark Stedman/Photocall Ireland

The 2012 filings do not show how much was paid to directors that year.

Gannon Homes is yet to respond to a request for comment.

Read: Introducing Anglo’s Golden Circle and the Maple 10>

Read: Seriously? Back here again?: These house hunters are queueing to buy homes>

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About the author:

Jack Horgan-Jones

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