Property firm in red after writedown

Noel Smyth’s British-based property group plunged into the red last year after writing down the value of investment properties by £38.9m (€47.5m).

Accounts just filed by British-registered Alburn Holdings Ltd show the group recorded a pre-tax loss of £26.4m (€32.2m) after recording the writedown.

Documents filed with the Companies House show Mr Smyth’s principal place of residence is now England with the Dublin solicitor changing his service address from Sandyford in Dublin to a flat on Tooting Bec Road, London, effective from Nov 4 last year.