Receiver appointed to County Down developer

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Ulster Bank has appointed a receiver to sites owned by a Co Down housing group

A County Down housing group, which has had assets placed in receivership, has total bank borrowings of more than £100m.

Ulster Bank has appointed a receiver to three sites owned by housebuilder, Thompson Developments.

The sites are in Beragh, Ballagh Road in Fivemiletown and Cooley Road in Sixmilecross.

Last year, Anglo Irish Bank appointed a receiver to a further 19 sites owned by the company.

The company's last set of accounts showed it had outstanding bank loans of over £78m.

They covered the year up to the end of April 2008.

In that accounting period it recorded a loss of over £1.7m, giving it a net deficit of £7.7m.

Last month, the Ulster Bank also placed a sister company, Thompson Lennox, into receivership.

Thompson Lennox's last set of accounts, up to the end April 2009, showed a £1.8m annual loss and total retained losses of around £4.5m.

The company had total bank debt of more than £24m.

Another related company, TB Homes, has also had three sites placed in to receivership.

Its last accounts, covering the period up to the end of April 2008, showed annual loss of £187,000, total retained losses of £533,000 and bank debt of £4.6m.