Developer shares €600k paypot despite losses

One of the country’s best- known developers Gerry Gannon shared a paypot of €603,071 in 2011 and 2010 with two other directors, as business plummeted and losses continued at his main building firm.

Accounts just filed by Gannon Homes for 2011 and 2010 show Mr Gannon and his two directors, Aidan Kenny and Michael Anglim, gave themselves aggregate remuneration of €270,880 in 2011 and €332,191 in 2010.

During the two years, the company’s combined losses totalled €24m as revenues plummeted by 86%, from €10.7m in 2010 to €1.5m in 2011.