Yates to move to Britain as debts mount

Ivan Yates is set to quit Newstalk and abandon his media career as he faces bankruptcy over debts of about €3.5m.

The broadcaster and former government minister yesterday admitted his future was “exceptionally bleak” and “full of uncertainty”, and the Irish Examiner understands he may move to Britain to avail of less stringent bankruptcy laws.

Neither Mr Yates nor Newstalk would confirm that he will quit his popular Breakfast show, but his move to Britain is virtually certain as AIB demands full payment of the debt by May 13. He is expected to announce his resignation from Newstalk within weeks.

In Dublin yesterday, he told unsecured creditors of his failed Celtic Bookmakers business that there was no money to pay outstanding debts of €1.4m.

The Irish Examiner columnist, who is being charged €4,000 in weekly interest payments by AIB, said he doubted his ability to repay the bank within two months. He revealed there was a disagreement between himself and AIB about the level of the debt. He claims it is €3.4m while the bank is seeking €3.6m.

If he is unable to pay the debt, Mr Yates and his wife Deirdre risk losing their home and farm at Blackstoops near Enniscorthy, Co Wexford, where his mother, Mary, 80, also lives.

The ex-Fine Gael minister, who has previously indicated he was considering moving to Wales for bankruptcy reasons, declined to reveal his plans apart from saying he was in ongoing talks with AIB, which is seeking control over all his assets and earnings for the next 10 years.

However, he declined to confirm or deny that he was set to quit Newstalk.

Mr Yates said he always regarded his media career — which includes a role as a stand-in presenter on TV3’s Tonight with Vincent Browne — as “transient”. “It would be folly at 52 years of age to make promises about future income I might not be able to honour,” he said.

He said AIB was “very ruthless” and claimed it was “to date impossible to negotiate with the bank”.

Eight creditors including five landlords of his betting shops attended yesterday’s meeting, which saw a liquidator appointed to Celtic Bookmakers.

Mr Yates said the sale of 31 of 47 outlets in his betting shop chain had raised about €3m, out of which almost €500,000 went on legal and receivership costs.

He said he has not had control of the business since Jan 2011, when it was put into receivership. He blamed the collapse of the firm he had run since 1987 on a 50% downturn in retail betting and a move towards online gambling as well as less disposable income among consumers, despite reducing the chain’s annual costs from €17m to €11m.

Mr Yates said he was one of the firm’s largest creditors as he was owed €160,988. Both Mr Yates and his wife each paid themselves an annual salary of €25,992. However, he said he had not taken any director’s remuneration or bonus from the company since 2008.

Newstalk managing director Frank Cronin said he was in constant communication with Mr Yates about his role in the station but that it remained “a private conversation”.