Bank of Scotland (Ireland) is not a NAMA bank but Sean Mulryan’s Ballymore is a NAMA Top 10 developer, so this may be of interest. We learn from today’s Iris Oifigiuil that on 25th January, 2013 BoSI had Stephen Tennent and Paul McCann of Grant Thornton appointed as receivers of certain assets owned by Florentine Properties Limited, where Sean Mulryan (57) is a director, and a company owned by Ballymore Ireland Group Limited. BoSI also had the same receivers appointed to certain assets of another Ballymore group company, Montes Limited.
Ballymore is understood to be one of the NAMA “saved” and it has been reported in the past that the Ballymore group has an approved five-year business plan with NAMA.
Interesting that a non-NAMA banks has chosen to take foreclosure action though.
UPDATE: 2nd February, 2013. The Irish Times re-reports the story today and extends it with detail of the assets behind Florentine, namely the €100m Bray town centre, the development of which has been mothballed.
The Florentine centre was a shopping centre that never happened in Bray. It was a Ballymore development. They bought up a large area on the main street but then it didn’t go ahead due to planning issues and objections from another development that never went ahead either on the site of the old golf club in Bray. It was believed there was only enough demand for one development but because they both objected to each other neither went ahead. It has left a gaping derelict area in the town.
Peter Bacon was also a director of Ballymore if I am not mistaken and paid handsomely for his work in establishing NAMA. No conflict of interest issues were entertained. Am I the only one to believe that there were?