Park Developments sinks further into the red

The property group Park Developments, owned by developer Michael Cotter, plunged further into the red last year to record a pre-tax loss of €38.4m.

The renowned yachtsman and vintage car enthusiast leads Park Developments, which last year recorded the loss after a €30.6m writedown in assets.

The writedown is made up of a €25.7m writedown in stocks and work in progress, as well as a €4.9m writedown in development land.