Bank pulls the plug on core development wing of Cork group

DUTCH-owned ACC bank pulled the finger out of a dyke which held back a tide of debt washing around west Cork-based developers Fleming Construction.

A Supreme Court ruling yesterday effectively pulled the rescue rug out from under John Fleming’s core development activity – but not directly affected, according to a spokesperson, are related Fleming firms such as modular building firms Fusion and Vision, and the Fota Island hotel and golf complex.

The troubled group’s debts have been publicly put at over €1 billion, following a massive Irish and overseas expansion before the property market’s house of cards collapse.