Mulryan shares €342,236 pay pot despite mounting losses

One of Ireland’s best known developers, Sean Mulryan, last year shared a pay pot of €342,236 with one other director in spite of mounting losses at a number of his Irish-based building firms.

New accounts filed by his Ballymore Properties Ireland show that Mulryan shared directors’ remuneration of €289,736 and pension contributions of €52,500 with fellow director Brian Fagan last year.

A number of Mulryan-controlled Ballymore firms have filed accounts to the Companies Office and figures for five of them show their aggregate accumulated losses climbed to €289m in the year to the end of March.

The directors’ remuneration at Ballymore Properties Ireland Ltd represents 13% of the €2.6m generated in revenues by the firm.

Figures for the Mulryan- controlled Ballymore Properties Ireland show the firm recorded a loss of €3.9m. Its accumulated losses at the end of March last stood at €89m, with €86.5m owed to group companies.

Separate figures filed for Mulryan’s Ballymore Developments show the firm incurred a loss of €477,000 last year with accumulated losses standing at €37.8m.

Another Mulryan firm, Ballymore Residential, recorded revenues of €1.5m last year that included residential property sales of €938,568. Accumulated losses increased by €184,460 to €55.7m at the end of last March.

Accounts for Ballymore Land show it recorded a modest profit of €25,466 last year. However, the firm was sitting on accumulated losses at year end of €69.6m with €53.2m owed in Nama and bank loans.

A fifth Mulryan firm, Ballymore Property Investments. recorded losses of €1.14m last year contributing to accumulated losses at the firm totalling €37.3m.

Accounts relating to Mulryan’s Irish-based firms follows confirmation last month that his UK arm recorded pre-tax profits of £4.3m (€5.15m) last year. At the end of last March, the UK-based Ballymore Properties Holdings Ltd had total debt of £1.06bn.