Developer’s companies record deficits of €36m

Two companies belonging to one of the West of Ireland’s biggest developers have recorded deficits of more than €36 million, according to newly-filed accounts.

TBD Group Holdings and its subsidiary Granelt Properties are both wholly owned by Galway-based Bernard Duffy.

Mr Duffy has submitted a business plan to the National Asset Management Agency (NAMA) to continue operation of the companies, which is now “under consideration”.

Granelt – which is understood to be the holding company for Mr Duffy’s developments at Baily Point, Monksfield and the Sacre Coeur in Salthill – reported a loss of more than €570,000 for the financial year ended December 2011, according to filings with the Companies Registration Office this month.

The company recorded a deficit in shareholders’ funds of €29.5m. It owes creditors €22.1m, including more than €18.3m in bank loans and €3.2m to directors.

Meanwhile, the parent company, TBD Group Holdings, reported a loss of €65,000 for the same financial year, and a deficit in shareholders’ funds of €6.5m.

The company owes €3.5m to Granelt Properties and €3.9m in bank loans.

For more, see this week’s Galway City Tribune