McNamara’s Radoo Lands loses €15.5m following writedowns

A PROPERTY development company that embattled developer Bernard McNamara co-owns with two other Co Clare developers incurred a loss of over €15.5 million in 2009.

Accounts filed by the Ennis-based Radoo Lands Ltd show that the company recorded the €after tax loss to the end of December 2009 following a €15.5m writedown in its current and financial assets during the year.

Documents lodged with the Companies Office show that Mr McNamara has a one third share in the company he co-owns with two well-known Clare developers, Sean Lyne and Noel Connellan.