Nama ‘will be responsible’ for Dunnes losses

Dunnes Stores chief Margaret Heffernan has told Nama it will be held responsible for the “very significant losses” her company will “inevitably” experience if a petition to wind up the retail giant over non-payment of €21.6m for a Kilkenny shopping centre development is pursued.

Dunnes, which employs 18,000 people, is “robustly solvent” but unwilling to pay the money to Holtglen Ltd on grounds including the construction company’s insolvency, the Commercial Court heard yesterday.

Holtglen brought the winding-up petition after Dunnes failed to pay up.