A couple of weeks ago, Iris Oifigiuil had a notice that the recruitment and manpower agency MCR was seeking to have McCabe Builders (Dublin) Limited wound up on 5th September 2012 in Dublin’s High Court. It seems that NAMA got there first and had receivers appointed to the company on Friday last, 31st August 2012. NAMA has had Jim Hamilton and David O’Connor of BDO appointed as receivers. The appointment notice is dated 4th September 2012 and hasn’t yet been reported in Iris Oifigiuil but thanks to Eamon Browne on Twitter, there is a photograph of the notice in today’s Irish Examiner.
As a key company in John McCabe’s empire, the move comes as quite a surprise as it was understood that McCabes were cooperating with NAMA, after the sale of a site on Arlington Street in St James’s in central London last year and 159 City Road, also in London. McCabes are behind the development of the exclusive Abington Estate in Malahide, north Dublin, former home to Boyzoner Ronan Keating before the missus kicked him out and of Anglo’s David Drumm. John McCabe has been behind the development of a number of hotels in Ireland and had a stake in the Chartbusters chain. He was one of the Maple 10 or Anglo Golden Circle and back in 2010, it looked as if a Swiss outfit called Western Gulf Advisory was going to take a rescuing stake in his companies, but nothing apparently came of it. John McCabe himself is believed to be doing business in the Middle East, the latest unconfirmed reported received on here was that he was operating in Oman.
Appointment of receivers by NAMA in this case will come as a surprise to many.
UPDATE: 7th September, 2012. In today’s edition of Iris Oifigiuil, we get further details on the McCabe receiverships. Four companies have had receivers appointed. The four companies are McCabe Builders Limited, McCabe Builders (Dublin ) Limited, J&M McCabe Properties Limited and HJP McCabe Construction Limited. In each of the four companies, receivers were appointed on 31st August, 2012 and the receivers in each of the four cases are Jim Hamilton and David O’Connor of BDO.