Property firm reports £22m loss
A company controlled by one of Northern Ireland's wealthiest property developers has reported an annual loss of £22m.
The details are contained in the 2010 accounts of Killultagh Estates whose sole director is Frank Boyd.
Killultagh owns the Connswater shopping centre site in east Belfast.
The firm had an effective trading loss of around £400,000 but total losses were pushed higher by impairment charges and inter-company write-offs.
An unrealised loss on the revaluation of properties gives the firm a total recognised loss of almost £51m for the year.
Group turnover fell from £16.4m in 2009 to £14.9m in 2010.
The value of the group's fixed assets - its properties - has fallen from £285m to £241m and shareholders funds have fallen from £53m to £2m.
The group has bank borrowings of almost £228m and a note in the accounts states that some loans have been moved into the Irish government's National Asset Management Agency (Nama).
The group also has loans from Ulster Bank which is not part of the Nama process.
The accounts state that the group is dependent on the support of Nama and Ulster Bank to continue as a going concern.
The note adds that the group will continue to require such support until the economy has sufficiently recovered and the company is "successful in realising the full value" of its properties.
Among Killultagh's other properties are the Bowen Square shopping centre in Northamptonshire, the Pavilion shopping centre in Hertfordshire, the White Rose centre in Rhyl and the Bridgewater shopping centre in County Wicklow.
The firm also has a joint venture with another developer, Snoddons, which aims to develop more than 400 acres of land in the Lisburn area.
The 2011 Sunday Times rich list estimated Mr Boyd's fortune to be around £165m.