Northern Ireland

Jermon property companies in liquidation

Belfast High Court
Image caption The High Court in Belfast granted the orders last week

Two companies which formed part of a major Northern Ireland property business have been placed into court-ordered liquidation.

The High Court in Belfast granted the orders in relation to Jermon Developments and Jermon Properties.

The main company in the group, Jermon Ltd, was placed into administration in January.

The firms were owned by Dungannon pharmacist turned developer Peter Dolan.

Last September, a number of properties owned by Jermon Developments were effectively repossessed.

They included Lahara Retail Park in Larne, a 63,000 sq ft development next to the town's Lidl supermarket and another retail park in Strabane.

Major project

Killymeal House in the Ormeau Gasworks in Belfast, which is occupied by the Industrial Tribunals service, was also placed in receivership as was Fanum House and associated property on Great Victoria Street.

Fanum House is the main building on a site bounded by Great Victoria Street and Dublin Road, where Jermon had planned a major redevelopment.

Following the administration of Jermon Ltd, Bank of Scotland and other banks appointed receivers to various assets held by the company.

They included the Springhill Shopping Centre in Bangor, the Clarendon House office block in Belfast, a shop unit at Castle Place in Belfast, two properties in the centre of Dungannon and a helicopter.

Jermon was set up by Mr Dolan in 1997.

The firm's first major project was the development of Northern Ireland's first purpose-built Tesco in Dungannon.

The company expanded throughout the property boom, buying assets in London and Scotland. It also bought properties in central Europe, including an airport in Hungary.