Entrepreneur sees losses at firm hit €40m

Losses at a development company operated by entrepreneur Niall Mellon increased by €14.2m to €40.5m over two years.

Accounts filed for Knockrabo Developments Ltd to the Companies Office for 2010 and 2011 show the firm’s accumulated losses increased from €26.3m to €40.5m.

A note attached to the accounts confirms the company was in breach of its loan facilities with the IBRC, with the loans due for repayment on Jan 31, 2009. The loan has not been repaid. It was transferred to Nama in 2010 and repayment can be demanded at any time, the note states.