Papers Today

// Bankers move on two golf resorts

Tulfarris House & Golf Resort, a 200 acre development in Co Wicklow, went into receivership late on Friday night, after Anglo Irish Bank moved to protect its lendings. The development is backed by property developer Paddy Kelly and his family. Anglo is owed about €25 million in relation to the project at Blessington Lakes.

Separately, AIB has appointed a receiver to the €50 million Blarney Golf Resort in Co Cork. The bank is owed about €20 million and appointed a receiver late last week. Both Tulfarris and Blarney are continuing to trade.

The honorary secretary at Tulfarris wrote to members yesterday confirming that Anglo had installed Michael McAteer, a partner with accountant Grant Thornton, as receiver over two companies linked with the project, Comfort Hotel Holdings and Tulfarris Golf Services.

In addition to the championship golf course, Tulfarris also includes a 60bedroom hotel and leisure complex. McAteer said the premises would continue to trade as usual.

AIB has installed accountant Billy O'Riordan, a partner with PricewaterhouseCoopers in Dublin, as receiver over Kelcar Developments, which owns the Blarney golf development. Controlled by businessman Frank McCarthy, Blarney includes a championship golf course designed by John Daly, dozens of holiday cottages and a four-star hotel and conference centre.

Last September, the owners of the Blarney development put it on the market for €20 million. However, no sale was concluded.

O'Riordan is now managing the project on behalf of AIB and is assessing the best option to recover money for the bank. A trade sale is considered the preferred option by the receiver and the bank.
Ian Kehoe
©Sunday Business Post