Thu, 31 Oct 2013 | ADMINISTRATION
Northern Ireland property firm Valto has entered administration after struggling to balance its finances.
Owned by brothers Shamus and Francis Jennings, who are among the wealthiest individuals in Northern Ireland, Valto reported a £21 million loss in its 2012 accounts, which came after a £36 million loss in the 18 months to March 2011.
The business did manage to bring in £3.6 million in operating profit for 2012, but a £6 million interest bill, write-offs and the sale of investments wiped this out, leaving the business with net liabilities of £169,000, rather than the net assets of £95 million that it reported in 2009.
A spokesperson for the business told the BBC: “The restructure has been undertaken to rebalance the group's financial position and the directors had appointed administrators from the consultancy BDO.”
The restructuring will see some of Valto's main assets sold to new companies that are under the control of the Jennings brothers, including the Saint Anne's Square development in the Cathedral Quarter of Belfast. This is to be transferred to the Ducales Group, the principal shareholder of which is Shamus Jennings. However, the core of the business is being put into administration.
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