AN ACCOUNTANCY firm hired by the Mansfield family to run its golf course at Palmerstown, Co Kildare, is considering legal action after it was unexpectedly dropped from the role yesterday.
Bridford Developments, a Mansfield family-controlled company, hired Landsdowne Francs in April 2010 for five years to turn around the loss-making course at Palmerstown.
However, it is understood that Landsdowne Francs was told yesterday its contract was terminated. The firm is now considering legal action to counter the move.
Palmerstown was losing about €1.6 million a year when the firm took over last year, and it is understood that has been cut to about €120,000, while trade has continued to improve.
Bookings at the course have more than doubled this year, and the business looked set to become profitable in the near future. It is understood the firm was given no reason for its sacking.
The business owes €12 million to Irish Nationwide, and it is understood the bank is concerned at the latest development.
Mr Mansfield bought Palmerstown, a former stud farm, earlier in the decade, and at one stage considered developing a Formula One motor race track in the estate, as well as a championship golf course.
The course hosted the Irish Region Championship in 2005 and the Irish Seniors Championship two years later, but had been losing money for a period after the recession hit.
Landsdowne Francs was originally involved with Mansfield in a consultancy role, before being hired to run the operation full time last year. The firm made a number of management changes after it was appointed.
Neither Bridford nor the Mansfield family commented yesterday. The company itself is listed for strike-off by the Companies’ Registration Office, a sanction that generally applies for failure to make returns on time.
It emerged last week that another important family firm, Parkes Associates, is also listed for strike-off.
Mr Mansfield was estimated to be worth about €500 million at the height of the property boom. He developed the Citywest golf, hotel and conference centre in Saggart in Co Dublin. He and his fellow directors, who are members of his family, were forced to place the company that controls the centre, HSS, in liquidation.
