Northern Ireland

Turnstile Developments' Bangor parks in receivership

Anglo Irish Bank building
Image caption Anglo Irish Bank loaned hundred of millions of pounds to NI property firms

Two shopping developments in Bangor have been placed into receivership by Anglo Irish Bank.

The bank has appointed receivers to Turnstile Developments, the company which ultimately owned Clandeboye Retail Park and Toscana Retail Park.

All the companies which have units in those developments are continuing to trade as normal.

The receivers' report indicates that Turnstile Developments owes the bank at least £37m.

The company's most recent set of published accounts are for the year ended March 2006 and show that at that time it had assets valued at around £30m.

The receiver is now in the process of selecting an estate agent to sell the units in both developments.

The failed Anglo Irish Bank loaned hundred of millions of pounds to property firms in Northern Ireland.

The bank is now state owned and most of its loans have been transferred to the Irish government's National Asset Management Agency.