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Property company records profit for last year

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A company belonging to one of the biggest property developers in the West recorded a profit of almost €2 million for 2014, according to newly-filed accounts.

According to the directors of Granelt Properties Ltd – which is owned by Bernard Duffy and is a subsidiary of TBD Group Holdings – NAMA has agreed to a business plan for asset disposal.

In the accounts for the year ended December 2014, the company reported a profit just shy of €2m (there was a loss of €1.1m recorded the previous year), and net liabilities were reduced from €32.5m to €29.7m.

However, the company’s auditors noted it incurred an operating loss (before exceptional gains) for 2014 of €662,000.

Included in the company’s liabilities are €10.7m as part of a joint venture in the name of ‘DH Partnership’ – this includes almost €7.1m in a bank loan, more than €3.5m in interest, and €106,000 owed to the fellow joint venture party.

That party is developer Hugh Heskin, and the loans are understood to relate to 21 acres at Parkmore on the Tuam Road in Galway, where the partnership secured planning permission for 90 homes.

The directors have made an impairment provision of €10.3m on the value of the Tuam Road site – which would leave it with a value of €270,000. This is based on directors’ valuations.

“The outlook for the property market has declined since the company’s core assets were acquired and the value of those assets has declined.

“The outlook for the property market in general has significantly increased the uncertainty in relation to the carrying value of its joint venture asset and work in progress.

“The company’s principal banking facilities and those of its subsidiaries have been transferred to NAMA. The company has submitted a business plan to NAMA which sets out the directors’ proposals for the orderly process of completion and asset disposal, over a certain period.

“This business plan has been reviewed and accepted by NAMA. The successful implementation of this business plan is dependent on the ongoing support of NAMA. These conditions indicate the existence of a material uncertainty which may cast significant doubt upon the company’s ability to continue as a going concern,” the directors’ report reads.

The company is owed €3.5m by its parent company TBD Group Holdings, and has made a provision for the non-recoverability of that.

Meanwhile, accounts for the parent company show a loss for the year-ended 2014 show a loss of just under €434,000, and net liabilities of €7.3m.

Mr Duffy is best known for building the likes of the Harbour Hotel and House Hotel in the city centre, and for taking over the Baily Point complex in Salthill.

The company has also constructed – itself and for clients – significant office, residential, carpark and retail developments across Dublin in investments which had been valued at more than €150m. Other major projects include redevelopment work at NUIG, the Bons Secours Hospital, Sligo IT, the construction of the Abbott Pharmaceutical Plant in Sligo, and extension to Medtronic.

Connacht Tribune

West has lower cancer survival rates than rest

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Significant state investment is required to address ‘shocking’ inequalities that leave cancer patients in the West at greater risk of succumbing to the disease.

A meeting of Regional Health Forum West heard that survival rates for breast, lung and colorectal cancers than the national average, and with the most deprived quintile of the population, the West’s residents faced poorer outcomes from a cancer diagnosis.

For breast cancer patients, the five-year survival rate was 80% in the West versus 85% nationally; for lung cancer patients it was 16.7% in the west against a 19.5% national survival rate; and in the West’s colorectal cancer patients, there was a 62.6% survival rate where the national average was 63.1%.

These startling statistics were provided in answer to a question from Ballinasloe-based Cllr Evelyn Parsons (Ind) who said it was yet another reminder that cancer treatment infrastructure in the West was in dire need of improvement.

“The situation is pretty stark. In the Western Regional Health Forum area, we have the highest incidence of deprivation and the highest health inequalities because of that – we have the highest incidences of cancer nationally because of that,” said Cllr Parsons, who is also a general practitioner.

In details provided by CEO of Saolta Health Care Group, which operates Galway’s hospitals, it was stated that a number of factors were impacting on patient outcomes.

Get the full story in this week’s Connacht Tribune, on sale in shops now, or you can download the digital edition from www.connachttribune.ie. You can also download our Connacht Tribune App from Apple’s App Store or get the Android Version from Google Play.

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Connacht Tribune

Marathon Man plans to call a halt – but not before he hits 160 races

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Loughrea’s Marathon Man Jarlath Fitzgerald.

On the eve of completing his 150th marathon, an odyssey that has taken him across 53 countries, Loughrea’s Marathon Man has announced that he is planning to hang up his running shoes.

But not before Jarlath Fitzgerald completes another ten races, making it 160 marathons on the occasion of his 60th birthday.

“I want to draw the line in 2026. I turn 57 in October and when I reach 60 it’s the finishing line. The longer races are taking it out of me. I did 20 miles there two weeks ago and didn’t feel good. It’s getting harder,” he reveals.

“I’ve arthritis in both hips and there’s wear and tear in the knees.”

We speak as he is about to head out for a run before his shift in Supervalu Loughrea. Despite his physical complaints, he still clocks up 30 miles every second week and generally runs four days a week.

Jarlath receives injections to his left hip to keep the pain at bay while running on the road.

To give his joints a break, during the winter he runs cross country and often does a five-mile trek around Kylebrack Wood.

He is planning on running his 150th marathon in Cork on June 4, where a group of 20 made up of work colleagues, friends and running mates from Loughrea Athletics Club will join him.

Some are doing the 10k, others are doing the half marathon, but all will be there on the finishing line to cheer him on in the phenomenal achievement.

Get the full story in this week’s Connacht Tribune, on sale in shops now, or you can download the digital edition from www.connachttribune.ie. You can also download our Connacht Tribune App from Apple’s App Store or get the Android Version from Google Play.

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CITY TRIBUNE

Galway ‘masterplan’ needed to tackle housing and transport crises

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From the Galway City Tribune – An impassioned plea for a ‘masterplan’ that would guide Galway City into the future has been made in the Dáil. Galway West TD Catherine Connolly stated this week that there needed to be an all-inclusive approach with “vision and leadership” in order to build a sustainable city.

Deputy Connolly spoke at length at the crisis surrounding traffic and housing in Galway city and said that not all of the blame could be laid at the door of the local authority.

She said that her preference would be the provision of light rail as the main form of public transport, but that this would have to be driven by the government.

“I sat on the local council for 17 years and despaired at all of the solutions going down one road, metaphorically and literally. In 2005 we put Park & Ride into the development plan, but that has not been rolled out. A 2016 transport strategy was outdated at the time and still has not been updated.

“Due to the housing crisis in the city, a task force was set up in 2019. Not a single report or analysis has been published on the cause of the crisis,” added Deputy Connolly.

She then referred to a report from the Land Development Agency (LDA) that identified lands suitable for the provision of housing. But she said that two-thirds of these had significant problems and a large portion was in Merlin Park University Hospital which, she said, would never have housing built on it.

In response, Minister Simon Harris spoke of the continuing job investment in the city and also in higher education, which is his portfolio.

But turning his attention to traffic congestion, he accepted that there were “real issues” when it came to transport, mobility and accessibility around Galway.

“We share the view that we need a Park & Ride facility and I understand there are also Bus Connects plans.

“I also suggest that the City Council reflect on her comments. I am proud to be in a Government that is providing unparalleled levels of investment to local authorities and unparalleled opportunities for local authorities to draw down,” he said.

Then Minister Harris referred to the controversial Galway City Outer Ring Road which he said was “struck down by An Bord Pleanála”, despite a lot of energy having been put into that project.

However, Deputy Connolly picked up on this and pointed out that An Bord Pleanála did not say ‘No’ to the ring road.

“The High Court said ‘No’ to the ring road because An Bord Pleanála acknowledged it failed utterly to consider climate change and our climate change obligations.

“That tells us something about An Bord Pleanála and the management that submitted such a plan.”

In the end, Minister Harris agreed that there needed to be a masterplan for Galway City.

“I suggest it is for the local authority to come up with a vision and then work with the Government to try to fund and implement that.”

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