Developer denies €37m loss

Date Published: 14-Nov-2008

A GALWAY City developer — named as one of the richest men in the country — has rejected claims his companies are in financial trouble.

Last weekend, a Sunday newspaper published an article which claimed two of his companies have combined losses of €37.75million for last year.

However, a spokesperson for Edward Holdings, which owns the ‘G’ and Meyrick hotels as well as Edward Square, told the Galway City Tribune that the companies are safe and secure.

Edward Holdings and Radical Properties — which are both owned by city developer Gerry Barrett — were reported to have recorded after-tax losses of €29.2m and €8.55million and that there was a ‘material uncertainty’ about the future of the companies, but the directors are satisfied it has adequate resources to continue operating.

“It was a very misleading portrayal of the group’s position. [In] Edward Holdings, we are very happy with its financial position, and are confident of further expansion of the business in the commercial and retail sector, with a number of acquisitions under active consideration.

The group’s position is strong. It’s safe and secure,” the spokesperson said.

Earlier this year, Mr Barret …