Nama names receiver to Limerick properties

Nama has appointed a statutory receiver to assets belonging to Limerick-based property companies controlled by developers Joe Hanrahan and John Shee.

The two set up the country’s largest healthcare provider, Mowlam Healthcare, which operates 16 care homes across the country.

Mr Hanrahan and Mr Shee resigned as directors of Mowlam Healthcare last year.

Yesterday a brief statement from Mowlam Healthcare stated: “Mowlam Healthcare can confirm that the receivership of Cracken Properties has no impact on the company. Joe Hanrahan and John Shee are no longer directors or shareholders of Mowlam Healthcare.”

Nama has appointed PricewaterhouseCoopers as receiver to properties owned by Cracken Properties Ltd, Cracken Properties Holdings Ltd, Megcourt Developments Ltd and the Park Lodge Holiday Hostel (Limerick) Ltd.

The properties include Cracken Properties Holdings Ltd’s 72-bedroom Travelodge at Clondrinagh, Ennis Rd, Limerick; the Park Lodge Holiday Hostel (Limerick) Ltd’s Park Lodge Retail Centre, Dublin Rd, Limerick and Megcourt Development Ltd’s residential development of 22 holiday homes at Ballyvaughan, Co Clare.

The other properties are Cracken Properties Ltd’s two-acre site at Killeline, Newcastlewest, Co Limerick and a two-acre site at Kilrush Rd, Ennis.

The most recent accounts for Cracken Properties (Holdings) Ltd for the 12 months to the end of Dec 2010 show that the firm had borrowings totalling €4m. Its bankers were listed as AIB, Bank of Ireland and Anglo Irish Bank.

Losses at a subsidiary of Cracken Properties Ltd, Wadlow Ltd totalled €5.6m in 2009 and its accumulated losses at Dec 2009 were €14.9m.

Cracken Properties Ltd had a shareholders’ deficit of €2m at the end of Dec 2010.

Auditors for Cracken Properties Ltd, HDS Partnership provided a disclaimer on the view given by the firm’s financial statements because of the trading environment in which the company operates; the company’s banking facilities and the ability of the company to continue as a going concern.

Mr Shee and Mr Hanrahan were also involved in the deal to purchase the 270-acre Tinerana Estate from Dr Paschal Carmody and his wife, Dr Frieda Keane Carmody in 2006.

A subsequent planning application to transform the estate into a tourism resort comprising of an 18-hole championship golf course, a 32 bed apart-hotel, 155 two-bed holiday homes and an equestrian centre tourism resort that was to generate 400 jobs was subsequently turned down by An Bord Pleanála.