Losses at Conor McGregor's property firm increase to €5.6m

The MMA fighter's property development firm, Emrajare, increased Mr McGregor’s property portfolio in 2023 as part of its start-up phase

This summer, An Bord Pleanála rejected the bid by Conor McGregor’s Emrajare Ltd to construct a multi-million euro eight-storey 113-unit apartment block on the site of the Marble Arch bar in Drimnagh, Dublin 12. File picture

Accumulated losses at MMA fighter, Conor McGregor’s property development firm, Emrajare Ltd last year increased by €1.83m to €5.66m.

In May of this year, An Bord Pleanála delivered a knockout blow to plans by Emrajare to construct a multi-million euro eight-storey 113-unit apartment block in Mr McGregor's home area of Drimnagh, Dublin 12.

The appeals board roundly rejected Mr McGregor’s Emrajare Ltd mixed-use scheme that involved the demolition of the Marble Arch pub that Mr McGregor purchased for a reported €1.5m to €2m three years ago.

New accounts for Emrajare Ltd show that 2023 was another loss-making year for the company as it continued to increase Mr McGregor’s property portfolio as part of its start-up phase as the company was only established in 2021.

The accounts show that the post-tax losses of €1.83m for 2023 followed losses of €2.177m in 2022.

The activities of Emrajare are mainly financed by McGregor’s McGregor Sports & Entertainment Ltd with substantial loans.

A note attached to the accounts — approved by directors on October 30 — show that Emrajare owed McGregor Sports & Entertainment Ltd €19.7m at the end of December last.

The €19.7m owed was a €4.69m increase on the €15.03m owed by Emrajare to the McGregor Sports & Entertainment firm at the end of 2022.

The loan funding has allowed Emrajare build up a property portfolio and the book value of its investment properties at the end of last December totalled €22.8m.

This was an increase on the €21.46m book value on investment properties at the end of 2022 with ‘additions’ of €1.36m made during 2023.

At the end of December last, the company owed €28.6m to creditors with €20.76m owed to related parties and €7.85m owed to ‘other creditors'.

The company's cash funds reduced from €234,657 to €157,846.

Concerning the company’s going concern status, the directors state that they have considered the company’s business prospects and all relevant aspects of the company’s financial position, including its ability to generate positive cash flow and/or obtain any additional funding that may be required.

The note states that “on that basis, the directors are satisfied that the going concern basis is appropriate”.

The firm employed three people made up of one director and two employees.

Earlier this year, Emrajare Ltd unsuccessfully proposed more than a one-third reduction to the company's 113-unit apartment scheme for McGregor's native D12 in a bid to secure the green light for a residential scheme on the Drimnagh site.

The alternative 72 apartment six-storey apartment block scheme proposal put forward by McGregor’s Emrajare Ltd to An Bord Pleanala was a 36% decrease on the original eight-storey scheme that was subject to a comprehensive rejection by Dublin City Council in January of this year.

Over 20 objections were lodged against the scheme.