Losses at North Key Developments widen to €55m

Accumulated losses at development firm North Quay Developments Ltd widened to €55m in 2010, new figures show.

The firm is behind the Bridgewater Shopping Centre in Arklow, Co Wicklow. The figures show the company recorded a pre-tax loss of €18.1m in 2010 and this followed a pre-tax loss of €25.4m in 2009.

The chief factor behind the losses was an impairment charge of €17.9m on investment properties in 2010. This followed an impairment charge of €17.2m in 2009.