A SERIES of companies owned by Limerick developer Robert Butler have had loans transferred to the National Assets Management Agency (Nama), latest accounts confirm.
Accounts for Robert Butler Holdings Ltd state that loans were transferred to Nama in February.
As such, these would not have been included in Nama’s 2010 annual report published last week.
“Nama has agreed to initially provide financial support to the company’s operation, in very specific terms, for a three-month period commencing May 20th, 2011,” a note to the financial statements adds.
“The directors are hopeful that this support will be extended and have not been given any indication that Nama will not continue to provide the underlying debts facilities required and, on this basis, they continue to prepare the accounts of the company on a going concern basis.”
The accounts show that investment properties owned by Robert Butler Holdings were written down by €4 million in the year to the end of August 2010. The company had net assets of €3 million at the end of August last year.
Accounts have yet to be filed by parent company, Robert Butler Group Ltd, which made an after- tax loss of €10.1 million in 2009.
Part of the group’s property portfolio is Anglo Irish Bank House at Limerick’s Henry Street.
Established more than 30 years ago by Robert Butler, the group has a development portfolio that includes properties in the Shannon Free Zone and the National Technology Park in Limerick.
A home built for Mr Butler in the grounds of Adare Manor was put on the market in 2008 with an asking price of €12 million – a record price for the region at the time.
The eight-bedroom, eight-bathroom property failed to sell and is back on the market for €3.8 million.
The company’s auditors provided a disclaimer on their view relating to the financial statements on Robert Butler Holdings Ltd and four subsidiaries: Dooradoyle BT Properties Ltd, Hollowfield Developments Ltd, Bluefort Properties Ltd and Millgrove Properties Ltd.
All companies have had their loans transferred to Nama and auditors state that with respect to development lands owned by the companies, the evidence available was limited because there is no active market from which they could make an assessment of the net realisable value.
The auditors state that any funding required to complete developments to a saleable condition would have to be made available by Nama. The availability of this funding was uncertain, the auditors say.
The Butler companies had contrasting fortunes last year.
Bluefort Properties recorded a profit of €392,454 and had net liabilities of €683,612.
Dooradoyle BT Properties Ltd posted a profit of €250,610 and had net assets of €412,226. Hollowfield Developments Ltd made a loss of €52,491 and had net liabilities of €1.2 million.
Millgrove Properties posted a loss of €67,413 and had net liabilities of €1.52 million.
No comment was available from Mr Butler.
