Firm with €613m losses pays directors €800k

Liam Carroll: Company director.

A property firm controlled by developer Liam Carroll sitting on accumulated losses of €613.6m, last year paid its directors almost €800,000.

Newly filed accounts for Zelderbridge Ltd show that €797,502 was paid to the firm’s directors last year. The directors are listed as Mr Carroll, accountant John Pope and David Torpey; with Mr Carroll’s wife, Roisin, and Noel Murray listed as alternate directors.

No breakdown is provided in the accounts for how much each director received last year or if any director received no remuneration at all. The payment to the directors of Zelderbridge Ltd accounts for 5% of the firm’s €15.9m turnover last year. However, the accounts show that directors’ remuneration actually decreased by 8% last year, from €866,004 in 2011.

Mr Carroll, 63, who lived a relatively low-profile lifestyle given his prominence as one of the State’s main developers, was one of the first high-profile casualties of the property crash when a liquidator was appointed to group firms in 2009.

Zelderbridge’s latest figures show a 34.5% drop in revenue last year from €24.3m to €15.9m, with pre-tax losses increasing from €10.1m to €12.3m. The group recorded an operating profit last year of €5.2m. However, interest payments of €25.1m resulted in the firm recording the pre-tax loss.

The firm’s revenues were made up of €10.7m in rental income and €1.59m from management fee income. The firm employed 23 people, with staff costs totalling €1.98m for the year.

The firm owes €806m in bank loans and overdrafts, with €200m of that owed to Nama. Zelderbridge’s other banks are listed as Bank of Scotland, KBC Bank Ireland, EBS Building Society, AIB, Bank of Ireland, Danske Bank, Ulster Bank, Bank of Ireland and the IBRC.

Other creditors to the group — totalling €26.9m — are made up of unsecured loan notes issued to companies previously controlled by Liam Carroll but now in liquidation, and a pension fund for the benefit of Mr Carroll.

The group’s cash reduced from €11.6m to €10.5m in the year.


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