Profits at the State’s largest nursing home group – where two indebted Nama developers transferred ownership to their wives – increased in 2011 by 58 per cent to €2.2 million.

New accounts filed for Mowlam Healthcare Ltd show that the nursing home recorded the increased profits in 2011 after revenues increased by 15 per cent to €34.79 million from €30.1 million.

The group operates 16 nursing homes and employs 1,000 people. Chairman Pat Shanahan said yesterday that Mowlam Healthcare's current performance is consistent with 2011, that it is profitable and continues to invest heavily in each of its homes.

The firm was established by Limerick developers, John Shee and Joseph Hanrahan. Last year Nama appointed PricewaterhouseCoopers as receiver to properties owned by four development firms owned by the two.

The Mowlam Healthcare accounts for 2011 confirm that, at the start of the year, Mr Shee and Mr Shanahan both had one-third shares along with Mr Shanahan, the former chairman of the Shannon Airport Authority.

Mr Shee and Mr Hanrahan have since divested themselves of their interest in the Mowlam business, with Mr Shee’s wife, Mary and Mr Hanrahan’s wife, Vivienne, each acquiring a quarter of the business while Mr Shanahan increased his share to 50 per cent.

Mr Shee and Mr Hanrahan resigned from the board in July 2011. The company would not be drawn yesterday on the rationale behind the change in ownership. Mr Shanahan said: “The Mowlam Healthcare Group was restructured in 2011/12 to put it in the best position to meet these substantial future capital commitments. As part of this...Mr Shee and Mr Hanrahan were divested of their shares.”

The group has also applied to re-register as an unlimited company, meaning it will not in future have to file annual accounts.

Mr Shanahan said: “The company operates in a highly regulated environment. We are committed to enhancing the quality of care for all our residents and continue to invest heavily to maintain our facilities to the highest standards.”