Losses continue at Bovale Developments but Nama yet to approve business plan

Nama has yet to approve a final business plan for the loss-making Bovale Developments.

According to an auditor’s report for the company recently lodged with the Companies Office, losses continued to mount at Bovale in the 12 months to the end of Dec 31 last year.

This followed losses in the previous two years, but the extent of the losses are not known as Bovale Developments, controlled by Michael & Tom Bailey, is an unlimited company and is not required to file annual accounts.