NORTH QUAY Developments, the company behind the Bridgewater Shopping Centre in Arklow, Co Wexford, had accumulated losses of €11.6 million at the end of last year, an increase of €4 million on the previous year’s figure.
The accounts for the 2008 calendar year, which were filed recently, show the company had a bank loan of €96 million at year’s end, a slight increase on the figure at the end of 2007. Turnover for 2008 was €8.16 million.
The company has a number of charges registered from Bank of Ireland, including two that were registered in July of this year. The accounts show there were no wage costs and that directors’ remuneration, which was €100,000 in 2007, was zero last year.
Bridgewater is a 37,160sq m (400,000sq ft) retail and leisure development which opened in October 2007 and has Dunnes Stores as an anchor tenant. It was developed by a consortium that includes local builders Allen Smith and property agents Declan Stone and Roderick Downer.
The balance sheet at December 31st, 2008, shows fixed assets of €78.8 million, and current assets of €14.4 million, with the latter including land and buildings of €11.2 million.
The shares in the company are owned by North Quay Property Company Ltd, which has charges registered against it by the Bank of Ireland that include its shares in the development company.
The company had long-term shareholder loans at the end of 2008 from: Killultagh Estates Ltd (€5.5 million); Declan Stone (€1.2 million); Paul Megitt Kaye (€1 million); Peter Smyth (€1 million); Michael Allen (€699,993): and Roderick Downer (€499,995).
