Northern Ireland

Receivers appointed to developer Derek George Harrison

Receivers have been appointed to a series of properties which were owned by a prominent County Armagh developer.

The receiverships were on the instruction of Bank of Scotland and all relate to Richhill man Derek George Harrison.

The properties are development sites in counties Armagh, Tyrone and Antrim which were held by various companies.

Mr Harrison is a director of a large number of successful property firms. Most are continuing to trade normally.

The assets were placed into receivership in April and include fields at Tarry Lane in Lurgan with planning permission for 100 houses.

The other sites are the old Woodside Training Centre in Omagh which has planning permission for 40 houses, a site in Fivemiletown with planning permission for 50 houses and a site on the Belfast Road in Carrickfergus.

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These sites have now been put up for sale by the bank.

The companies involved are Eglish Investments, Clonvara, Tarry Lane Developments and Forgehill Properties.

Bank of Scotland is not the first financial institution to move against Mr Harrison.

Last year the Derbyshire Building Society appointed receivers to properties in Cookstown, Lurgan and Portadown.

Northern Bank, which is believed to have been one of the main funders of Mr Harrison's firms, has also appointed receivers to several sites in Armagh and Tyrone.

Mr Harrison has been involved in property investment and development for many years. The co-directors of some of his companies include family members and other business people.

He is also well known in equestrian circles.