Re: Re: Limerick Boat Club ~ Wellesley Pier ~ Poor Manâ€™s Kilkee ~ Sarsfield Bridge
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Boss steps down from â‚¬100m Limerick company (Limerick Leader)
By Anne Sheridan
ONE of Limerick’s most well-known property developers has stepped down from the company he created five years ago, amid fears that the Anglo Irish backed company is suffering major financial difficulties.
Developer Michael Daly, 51, has now resigned 😮 from Fordmount Property Group Ltd, and its subsidiary companies, which have pioneered a series of notable developments within the city.
The company once had a net worth in excess of â‚¬100m, earning Mr Daly a spot on the Sunday Times Rich List a number of years ago.
But the new managing director, well known solicitor Adrian Frawley was unavailable to comment on its current financial standing.
To date, Fordmount have delivered at least â‚¬300 million worth of landmark commercial developments in Limerick.
However, Mr Daly still holds a position in a number of other companies, including Daly Capital Holdings Ltd, and management companies in charge of the Castletroy retirement villages, and is believed to be pursuing other interests.
His departure from the company has now left a question mark hanging over two other major developments in Limerick: the â‚¬20m redevelopment of Limerick Boat Club on Sarsfield Bridge, which is currently before An Bord Pleanala, and a proposed ten-screen cinema complex in Bedford Row.
It is understood the position of managing director of all Fordmount companies has been taken up by Adrian Frawley, a managing partner with Dermot G O’Donovan & Partners solicitors.
Despite several attempts by the Limerick Leader to contact Mr Frawley, this could not be directly confirmed.
However, Mr Frawley is listed as the new director of Fordmount Property Group Ltd and Fordmount Investments Ltd, according to documents lodged with the CRO last month, which were signed off by director Michael Sherry, 58, the former Ireland rugby star.
Other shareholders in the Fordmount Property Group, as of this March, include solicitors, Tommy Dalton, Dermot Oâ€™Donovan, and Mr Sherry. Mr Dalton and Mr Oâ€™Donovan are also based in the same legal practice as Mr Frawley. The Fordmount company were behind the construction of the iconic 13-storey Riverpoint building on Howleyâ€™s Quay, the Castletroy retirement village, the development of Bedford Row and the five-star Marriott Hotel.
Fordmount purchased the Castletroy Park Hotel from US billionaire philanthropist Chuck Feeney for about â‚¬25 million in 2004.
Mr Daly previously worked as an accountant with Grant Thornton in Limerick before establishing his own company.
It has been confirmed he stepped down as managing director of Fordmount on June 29 last, which had included the position of MD of five property companies in the city, namely: Fordmount Developments Ltd, Fordmount Developments (Savoy) Ltd, Fordmount Investments Ltd, Fordmount Property Group Ltd, and Fordmount Retirement Villages Ltd.
In July 2008, the company acquired the Nevada
An Bord PleanÃ¡la Status: Case is due to be decided by 18-08-2009
Looks like as if Michael Daly will now put his oars away.