Auditors unsure of firm’s land valuation

AUDITORS for Shannon Homes, one of the most active house builders in the Dublin area over the past decade, have questioned the €72 million value put on a land bank owned by the group.

During the housing boom, Shannon Homes was one of the largest private house builders in the Dublin and Louth areas owning large tracts of land in north Dublin.

However, in accounts recently filed by subsidiary, Shannon Homes (Construction) Ltd, they show that the company’s revenues plummeted by 91% from €38.1m to €3.4mafter the company ceased all house building due to the downturn in the construction sector in the year to the end of March last.