Losses hit €40m at hotelier’s firm

LOSSES widened at the main property company of Jerry O’Reilly, one of the country’s best known developers and hoteliers, to €40 million last year.

Jeremiah O’Reilly & Associates Ltd has submitted a business plan to NAMA and, according to the accounts for 2010, “the ultimate disposal of the company’s property assets has been included within an overall NAMA plan submitted by company director, Jeremiah O’Reilly”.

The accounts show that the company had creditors totalling €43.5m at the end of December last and its bank loans are secured by personal guarantees from Mr O’Reilly and a fixed and floating charge over the assets of the company.