Sean Mulryan’s Irish unit Ballymore Properties Holdings pays directors €295,000

One of Ireland’s best known developers, Sean Mulryan last year shared a pay-pot of €295,458 with two other directors as losses mounted at a number of his Irish firms.

The Co Roscommon man’s UK business has made a strong recovery in the last couple of years and the UK arm has recorded stellar pre-tax profits of £154.9m (€217m) last year after a number of exceptional gains.

However, new accounts filed by a number of Mr Mulryan’s Irish firms to the end of March last year show they have some distance to go before they match the massive profits of Ballymore Properties Holdings Ltd in the UK.

The accounts filed by Ballymore Properties Ireland Ltd show that the recovery in the Irish business has taken hold.

The Ballymore firm provides for project management and administration services to its parent company and group companies.

Revenues at the firm last year reduced marginally from €2.68m to €2.64m and pre-tax losses declined by 17% from €5.07m to €4.2m.

The figures show that directors Sean Mulryan, John Sisk and Brian Fagan — who resigned from the board in October 2014 — shared remuneration of €295,458 that included retirement benefit contributions of €43,260 in respect of two directors.

Remuneration to directors last year was down sharply on the €363,305 paid out in 2014.

The accounts of five Ballymore firms lodged show they all are still nursing hefty accumulated losses from the housing market collapse.