The Irish Independent today speculates that there will be further imminent consolidation amongst the six remaining Irish stockbrokers which have declined from a total of 16 in 1988. The six remaining ones are presumably Davy, NCB, Goodbody, Dolmen, Morrogh and Merrion. We are reminded today of the gawdawful property business managed by NCB Stockbrokers in the past decade with news from today’s edition of Iris Oifigiuil that a remarkable total of 26 companies in which NCB had controlling interests have been placed in liquidation on 17th December 2012 when David Hughes of Ernst and Young was appointed liquidator to each of the companies. The companies are
(1) Armston Properties Limited
(2) Arridal Properties Limited
(3) Amskey Properties Limited
(4) Arryton Properties Limited
(5) Austonville Properties Limited
(6) Atios Properties Limited
(7) Atara Properties Limited
(8) Ascal Properties Limited
(9) Astonbridge Properties Limited
(10) Arrell Properties Limited
(11) Armadale Properties Limited
(12) Ayers Properties Limited
(13) Akley Properties Limited
(14) Bastion Properties Limited
(15) Brazier Properties Limited
(16) Bayberry Properties Limited
(17) Bathos Properties Limited
(18) Bolero Properties Limited
(19) Beltane Properties Limited
(20) Belcanto Properties Limited
(21) Belcove Properties Limited
(22) Windhill Properties Limited
(23) Duskhill Properties Limited
(24) Brattice Properties Limited
(25)Dawnhill Properties Limited
(26) Fynbos Properties Limited
The companies all appear to be ultimately owned by Ardawn Developments PLC which is 95% owned by NCB (Development) Nominees Limited which is in turn owned by NCB Stockbrokers Limited; the other 5% of Ardawn is owned by Cova Properties Limited owned by Cova Property Holdings which is ultimately owned by Brendan Fizsimmons, Patrick Shine and William Mulrooney. Ardawn is managed by Cova Properties, which was involved in the redevelopment of Blessington town centre. In 2007 the Irish Times reported “Cova was set up in 1998 by Mr Shine, a former partner in PricewaterhouseCoopers, former estate agent Bill Mulrooney, and property developer Brendan Fitzsimons. The company has more than EUR 500 million in assets under management.’”
NAMA had receivers appointed to six of the above companies last September 2012, and it is unclear if NAMA has any involvement in the loans of the other companies.
NCB isn’t the only firm of stockbrokers to have been involved in duff land deals. Last week, NAMA had receivers appointed to assets in which Goodbody had an interest and clients of Davy were burned on perhaps the most famous flop of the property boom, the Irish Glass Bottle site in Dublin’s Ringsend, though there is still litigation apparently outstanding on that development.
Reminds me of “One Flew over the Cuckoo’s Nest”.
Isn’t this the lot where the wheeze was to buy farmland, rezone it, obtain planning permission and sell it on to ignorant culchie builders for a huge profit?
A “no brainer” for the financially sophisticated experts in NCB.
Easy…..Isn’t it?