Braidwater Holdings in deal with Ulster Bank over £31m debt

Ulster Bank headquarters in Belfast Ulster Bank is owed £31m by Braidwater Holdings

Related Stories

A Londonderry property firm has reached a deal with Ulster Bank to restructure its debts.

Braidwater Holdings had owed the bank more than £31m. That has now been replaced with an £18m loan.

The deal also involves selling assets, paying the bank a percentage of profits over the next six years and a further payment at the end of that period.

The details of the debt agreement are contained in Braidwater Holdings' 2012 accounts.

A note in the accounts stated that the directors believed that the debt restructuring will give the group "the necessary financial stability" to continue the development of the business in a challenging market.

Braidwater has been operating since 2001 and delivered a series of commercial and residential projects, mainly in the Derry area.

The firm's focus in recent years has been in the north west of England, particularly Liverpool, where it has worked mainly on housing projects.

It made a gross loss of £445,000 in the year to March which the directors said was "in keeping" with the difficulties in the property sector.

However, the firm showed a bottom-line profit of more than £9m due to the restructuring of the debt.

More on This Story

Related Stories

More Northern Ireland stories

RSS

Features & Analysis

  • Cerro RicoSatanic mines

    Devil worship in the tunnels of the man-eating mountain


  • Nefertiti MenoeWar of words

    The woman who sparked a row over 'speaking white'


  • Oil pumpPump change

    What would ending the US oil export ban do to petrol prices?


  • Brazilian Scene, Ceara, in 1893Sir Snapshot

    19th Century Brazil seen through the eyes of an Englishman


Elsewhere on the BBC

  • SailingGame on

    BBC Capital discovers why certain sports seem to have a special appeal for those with deep pockets

Programmes

  • European Union's anti-terrorism chief Gilles de KerchoveHARDtalk Watch

    Anti-terrorism chief Gilles de Kerchove on the threat from returning Islamic State fighters

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.