Bovale’s British losses reach €21.6m

LOSSES sustained last year at the British construction firm controlled by builders, Tom and Michael Bailey, totalled £18.9m (€21.6m), new figures show.

The new filings, just returned to the British-based Companies House, reveal that Bovale Ltd is now reliant upon receiving approval of its strategic plan for its future operations from the National Asset Management Agency (NAMA).

The company’s directors said that they are confident that such approval will be forthcoming and “will enable the company to complete property infrastructure development to a stage where positive cash flows can then be generated”.