Byrne property group records profits of €50m

The property group established by one of Ireland’s largest developers, the late John Byrne, recorded profits of €50m in 2013, new figures show.

The native of Co Kerry died in October 2013 in his 94th year and new figures for his family-owned Carlisle Trust Ltd show that the main contributor to the €49.88m post-tax profits was an intra- company debt of over €44m due to a parent company being forgiven.

The company’s ultimate parent undertaking is Prospect Holdings, an unlimited Cayman Island company which is controlled by a Cayman Island Trust.

The Carlisle Trust Ltd also benefited in 2013 from its revaluation reserve increasing in value from €13.6m to €15.27m.

Mr Byrne featured in the Moriarty Tribunal where he stated that he never gave Charlie Haughey “a penny in his life, or a pound” after he was asked to explain how more than £300,000 of his money found its way into bank accounts which were used by Mr Haughey.

The Department of the Taoiseach last October revealed that €324,218 was paid to legal firm Gore & Grimes Solicitors in relation to third party costs for the late Mr Byrne’s Carlisle Trust, arising from the Moriarty Tribunal.

The figures for Carlisle Trust Ltd just lodged with the Companies Office show that the firm’s cash increased from €13.12m to €15.83m in 2013.

Shareholder funds in 2013 increased more than four-fold from €13.94m to €64.8m.

The firm and its subsidiaries earn millions of euro each year from property leases with Government departments and agencies.

A note attached to the abridged accounts states that the company is a party to joint and several guarantees in respect of borrowings by subsidiary undertakings in the amount of €69.57m.

It states that the directors are satisfied that mutually acceptable repayment schedules will be agreed with the group’s bankers and that it is appropriate to prepare the financial statements on a going concern basis.

Mr Byrne grew up on a small farm in Kerry before moving to Britain, where he made his money from dance halls.

He returned at the request of taoiseach Seán Lemass, who wanted offices built to house an expanding public sector. His buildings in Dublin included O’Connell Bridge House, D’Olier House, and Parnell House.


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