A PROPERTY development company that developer Bernard McNamara co-owns with two other Co Clare developers incurred a loss of €15.5 million in 2009.
Accounts just filed by the Ennis-based Radoo Lands Ltd show that the company recorded the €15.53 million after tax loss to the end of December 2009 following a €15.5 million write-down in its current and financial assets during the year. Documents lodged with the Companies Office show that Mr McNamara has a one-third share in the company he co-owns with Clare developers Seán Lyne and Noel Connellan.
All three are directors of the firm, which has its registered office at the Ballymaley Business Park in Ennis.
Last November, Mr McNamara’s main construction firm, Michael McNamara Co, was placed into receivership, while in January of last year in an RTÉ interview, the Lisdoonvarna native admitted that he was broke.
Prior to the property crash, Mr Lyne, who also has a share in the Clare People newspaper, and Mr Connellan spent millions of euro acquiring large tracts of zoned land around Ennis for development purposes. Much of it remains idle today.
The abridged accounts show that Radoo Lands Ltd wrote down the value of its stocks by €7.54 million in 2009, while the value of its financial assets was written down by €8.1 million to €499,184.
Radoo Lands Ltd had net liabilities of €16.4 million at the end of 2009 and its auditors, Cuddihy Co, state that the loss and the liabilities “indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern”. The auditors state: “The directors are in regular negotiations with the company’s bankers regarding the repayment of outstanding loan balances.
“The company has received a letter of support from its parent stating that it will continue to provide the company with adequate funds and resources necessary to meet all liabilities and commitments of the company as they fall due for a minimum of 12 months from the date of the signing of the financial statements.”
