Cork developer’s UK firm racks up losses of €409k

A UK-based company owned by Cork developer Owen O’Callaghan recorded losses totalling £328,264 (€409,053) last year.

According to accounts filed with the Companies House in the UK, O’Callaghan Properties (UK) Ltd recorded the loss in the 12 months to the end of Apr 30, 2011, following a modest profit of £18,351 the previous year.

The company’s lands for resale and development works almost doubled during the year, from £2.56m to £5m.