Group of 13 invested in project
Each invested £60,000 — or €74,000 — of their own money in the project, apart from one who invested £30,000. A further €1.95m was borrowed from Bank of Ireland to develop the 54-bedroom nursing home.
It was agreed that after 10 years Dr Reilly and four others would buy out the eight investors for €1.95m — and release them from liabilities to Bank of Ireland for this sum, borrowed for the development.
