Property firm in red after writedown
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.
In an interview yesterday, Mr Smyth said the change has been done “for tax purposes”, commenting “it is no big deal”.
“If the suggestion is that the change is being done to pursue bankruptcy in England, absolutely not. Not in a million years. I have a successful business in Ireland, I have a successful business in the UK. It is tough at the moment, but I am getting on with it.”
Speaking from London, Mr Smyth said he has worked in Britain for the last 25 years. He said: “I live in Dublin, but I would work in the UK a couple of days each week.”
He said he would not be commenting on his dealings with Nama. “That is off-limits. I have signed a confidentiality agreement with Nama.”
The figures show Alburn Holdings Ltd’s loss in the 12 months to the end of June last followed the group recording a pre-tax profit of £8.2m in 2010 — a negative swing of £34m.
Last year, Nama took possession of Mr Smyth’s entire art collection of almost 400 pieces as part of a down-payment on debts owed by Mr Smyth’s Irish-based Alburn.
The returns for Alburn Holdings Ltd in Britain show the group’s revenues generated by rent dropped by 4.7% from £15.4m to £14.7m last year.
A 70% increase in administrative expenses to £2.25m resulted in the group’s operating profit decreasing from £14.1m to £12.4m.
The write-down in investment properties last year of £26.4m followed a write-down of £5.8m on investment properties in 2010.
The figures show at the end of June last, the group had a shareholders’ deficit of £15.7m and during the year, the group’s cash increased from £1.69m to £2.32m.
The write-down in investment properties resulted in the value of the group’s tangible assets decreasing from £170m to £133.6m.
A note attached to the accounts states there is a greater degree of uncertainty in respect of the carrying value of investment properties due to few transactions for the types of properties owned by the group.
Concerning the group’s status, it says the statements are prepared on a going concern basis.
CONNECT WITH US TODAY
Be the first to know the latest news and updates
