At the end of last week, banks – NOT Anglo Irish Bank for what it is worth but said to be “Barclays, Certus and the Bank of Ireland” – sold the world-famous Belfry golf and hotel resort near Birmingham for an undisclosed price, but understood to be close to GBP 90m (€115m). The original owner of the Belfry is – according to the Guardian – one Sean Quinn Junior, son of former tycoon Sean Quinn, and currently doing a three-month stretch in Dublin’s Mountjoy Prison following contempt proceedings in a Dublin court.
The Belfry was bought in 2005 for a reported GBP 186m and it is understood the banks were still owed around GBP 105m before the sale, so it seems that there is still a loss to be made up by the Quinns. The new owners are an American private equity group KSL Capital Partners, who in turn own ClubCorp, a golf club operator, however in this case it is De Vere that will operate the club.
Despite being purchased with development in mind, and despite the lenders including NAMA bank, Bank of Ireland, NAMA mysteriously never acquired the Quinn loans, which given the Agency’s great play during High Court proceedings on the systemic value of Paddy McKillen’s loans which apart from €30m were non-development, is a particular mystery. The 50% decline in value of the Belfry is attributed to the UK’s credit crunch and 2007-onwards downturn.
The UK’s commercial property portal Costar quotes a statement from “Sean Quinn Junior and the Quinn family” which goes “we congratulate KSL Capital Partners on their acquisition of The Belfry, and wish them well. We would particularly like to extend our appreciation to the management and staff at the hotel for their hard work and dedication over the past number of years, and look forward to seeing the proud traditions of The Belfry continuing”
The defiance of someone jailed for contempt issuing what would otherwise be an everyday statement, is unsettling. How long before Sean Junior gets on Liveline to defend the family’s actions?
and there was Joy in “the Joy” last night…
Correct me if you think I am wrong, but in relation to the statement put out I would not put too much importance on it, its just standard “management speak”, putting a positive spin on things etc
Generally, Managers do this so often that they “autointoxicate themselves” ie. they believe their own words.
A bit like Captin Smith of the Titanic… “She can’t sink, she’s unsinkable”
The fact that the ship could not float was of course, irrelevant.
I still have trouble believing how the Quinn family could run up such massive leverage.
At any stage did any bank manager say, “Sorry Mr Quinn, but you have reached your limit” Did anybody look at the “Big Picture” and say, you guys are in “Way over your heads”, lets put the parking brake on now.
After all surely it takes “Two to tango”?
“The defiance of someone jailed for contempt issuing what would otherwise be an everyday statement, is unsettling. ”
To me, it’s unsettling that there is an assumption that a prisoner issuing a statement constitutes “defiance”. Next, you’ll be suggesting that he lose his voting rights and be prevented from playing cards or watching television :-)
Seriously, though: Whiskey Tango Alpha Foxtrot ?
@Sporthog,Simon Carswell in Anglo Republic,deals with this issue. Apparently,at a Anglo Board meeting the amount of borrowings was discussed and approved,it exceeded 25% of Anglo’s ‘own funds’ which is a regulatory hurdle.The regulator was supposedly advised of this,but put Anglo under pressure to reduce lending to Quinn……….hence the infamous Maple 10.
@Fergus,completely agree would have expected the author of an anonymous blog to be a bigger champion off free speech.In certain states in the US felons get disenfranchised,but maintain their constitutional right to free speech.
Is NWL advocating a similar loss of rights,for offences and as such should there be a scale.Why not just reintroduce Section 31 for the Quinn family.
http://en.wikipedia.org/wiki/Loss_of_rights_due_to_felony_conviction
Regarding,NAMA and loans purchased,was always quite curios why D2 Private loans were not transferred.
“Irish Bank Resolution Corporation (IBRC), formerly Anglo Irish Bank, has put the £40m junior loan securing Woolgate Exchange up for sale….”
http://costarfinance.wordpress.com/2012/08/02/woolgate-exchange-b-note-tender-paves-way-for-265m-purchase/