Fri, 08 Feb 2013 | COMMERCIAL PROPERTY
Properties relating to Northern Ireland builder Patton group, which entered administration in November last year, are to be sold off.
Patton’s former headquarters is to be placed on the market for £800,000. Other properties to be sold off include a development site on the Dublin Road in Belfast, valued at £500,000. Patton’s former workshops on the Raceview Road in Broughshane, County Antrim - which comes with over 11 acres of agricultural land - are expected to achieve £300,000 in a sale.
Patton also held about seven acres of woodland, farmland in Bushmills and two houses on the Belmond Road in East Belfast.
The administrator Tom Keenan of Keenan CF arranged a large auction of the remainder of Patton’s office equipment, which ended in late January, with the aim of clawing back some funds for creditors.
Almost £60 million is owed to unsecured creditors that had been working for Patton, and are unlikely to see their money at all. Banks are owed large amounts, with Danske Bank and Bank of Ireland hoping to see their £15.6 million and £14 million returned to them.
Patton had been suffering reduced trading in the economic downturn. When a customer became insolvent and did not pay for work and a Patton subsidiary in England failed, the business buckled under mounting financial difficulties.
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