• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« NAMA has receivers appointed to Cork developer
Cortina-averse developer pursues businessman for €500,000 alleged loan »

Prospects for Gerry Gannon’s NAMA loans in the lap of the gods

January 2, 2013 by namawinelake

It seems that the Irish Times and Irish Independent are now publishing syndicated reporting from Irish journalists. Today in both newspapers, freelance reporter Gordon Deegan, writes about NAMA Top 10 developer – known to many of you as “the man in the fedora stuffing the trunk of a Range Rover with Brown Thomas bags” – 61-year old Gerry Gannon, whose British company, Gannon Homes (UK) Limited has filed accounts for 2011 which apparently show profits of GBP 360,000 (€445,000) for the 12 months ending December 2011. It is hoped that the accounts can be linked here tomorrow as there were difficulties accessing documents on the UK’s Companies House website today. So for the time being, we are mostly relying on Gordon Deegan’s reporting.

Gannon Homes (UK) Limited is owned by Gerry Gannon, with 71-year old Michael Anglim holding a 1% stake. Its directors are Aidan Kenny, Michael Anglim and Gerry Gannon.  It owes NAMA about GBP 25m (€31m) and says that, although it can cover existing loan interest commitments, repayment of loans will depend on the market returning – “the directors are of the opinion that all loans can be repaid as and when the market returns to enable the completed units to be sold”.  The recently-published fiscal outlook from the UK’s Office for Budget Responsibility forecasts residential prices to increase by 0.7% in 2013, 3% in 2014, 3.8% in 2015 and 4% in each of 2016 and 2017 – but as with the outer years of most economic forecasts, the figures should be treated cautiously.

UK residential prices are down about 11% from the peak in October 2007 but there are wide variationss by region, in Northern Ireland prices are down about 55% whilst in London prices have been essentially flat, but even in London, there are wide variations across what is a vast metropolis. What degree of return in the market required by Gannon Homes in order to repay the loans isn’t clear, but given declines in UK national house prices in recent months, the prospects would appear to be in the lap of the gods.

Gannon Homes (UK) is separate to Gannon Homes in Ireland is operated through a different network of companies, this is the Irish website and it is understood it owes some €200m to NAMA. Gerry has vast additional borrowings to qualify him as a NAMA Top 10 developer and over the past year has been disposing of assets at a fair pace, including the “Chrome” portfolio of UK residential/commercial properties, the 49% stake in the K Club in Kildare and several odd-job properties in the UK.

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Developers, Irish Property, NAMA, Non-Irish property, Northern Ireland | 4 Comments

4 Responses

  1. on January 3, 2013 at 4:44 pm Stanley

    Can someone list/summarise the reality on Gannon worldwide and not just him commenting on his UK operations, he is being very selective


  2. on January 5, 2013 at 12:27 pm patrick

    Seems like follow up Article in todays Indo re gannon homes ireland


    • on January 5, 2013 at 12:32 pm namawinelake

      @Patrick, indeed but what does the headline mean?

      “Three Gannon building firm directors paid €270,000 despite massive losses”
      http://www.independent.ie/business/irish/three-gannon-building-firm-directors-paid-270000-despite-massive-losses-3342933.html

      Were they paid €270,000 each – SCANDAL!
      Or an average of €90,000 apiece which looks about right for directors of a company with €200m loans. Receivers would charge 1.5% or €3m a year.

      It will be next week when accounts are linked here – yes, these will be from the Irish CRO.


      • on January 6, 2013 at 8:11 pm patrick

        If 270,000 per director then Agency has serious Questions to Answer Again



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 3 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 3 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 3 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 3 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 3 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 3 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 3 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 3 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    January 2013
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  
    « Dec   Feb »
  • Blog Stats

    • 5,100,569 hits

Create a free website or blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 10,037 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
%d bloggers like this: