Menu
26/09/2011
Property Developer Owed £10m
A Northern Ireland property developer owed more than £10m to creditors when a family run company collapsed.
Herdmans Limited and a sister company, Herdmans Holdings Limited, moved into property development in 2004, investing in various projects.
It is understood that in June, outstanding debt and pension payments prompted the Ulster Bank to call in its mortgages at Herdmans Limited and Herdmans Holdings Ltd.
According to a Strabane newspaper it has emerged this week that the struggling company, once one of the region's biggest employers, owed more than £10 million when it collapsed.
A report that can be found in Companies House Belfast listed Ulster Bank as the creditor with the largest outstanding amount- a total of £6m. Meanwhile Invest NI, a secured creditor, is owed £2.5m.
The document can also tie Titanic Quarter developer Pat Doherty in for £1.2m.
The company owned the historic Herdmans Mill site in Sion Mills in County Tyrone. They hoped to redevelop the 60-acre site, which dominates the village of Sion Mills.
However, the collapse of the Irish property market led to the company experiencing cash flow difficulties. In the end, they could not meet pension payments owed to 100 or more former employees.
The subsequent move placed the company into receivership and ended more than 170 years of ownership of the site by the Herdman family.
The process of finding new owners for the 60-acre Herdmans site is ongoing but there is currently "no demand" for the site.
(LB/BMcC)
Herdmans Limited and a sister company, Herdmans Holdings Limited, moved into property development in 2004, investing in various projects.
It is understood that in June, outstanding debt and pension payments prompted the Ulster Bank to call in its mortgages at Herdmans Limited and Herdmans Holdings Ltd.
According to a Strabane newspaper it has emerged this week that the struggling company, once one of the region's biggest employers, owed more than £10 million when it collapsed.
A report that can be found in Companies House Belfast listed Ulster Bank as the creditor with the largest outstanding amount- a total of £6m. Meanwhile Invest NI, a secured creditor, is owed £2.5m.
The document can also tie Titanic Quarter developer Pat Doherty in for £1.2m.
The company owned the historic Herdmans Mill site in Sion Mills in County Tyrone. They hoped to redevelop the 60-acre site, which dominates the village of Sion Mills.
However, the collapse of the Irish property market led to the company experiencing cash flow difficulties. In the end, they could not meet pension payments owed to 100 or more former employees.
The subsequent move placed the company into receivership and ended more than 170 years of ownership of the site by the Herdman family.
The process of finding new owners for the 60-acre Herdmans site is ongoing but there is currently "no demand" for the site.
(LB/BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
25 November 2024
Man Jailed In Connection With Annahilt Cannabis Farm
The PSNI has welcomed the sentencing of a man at Craigavon Crown Court in connection with a cannabis farm disovered in Annahilt in February, 2023. Clive Weir, from the Annahilt area, was sentenced to 18 months in prison and 18 months on licence.
Man Jailed In Connection With Annahilt Cannabis Farm
The PSNI has welcomed the sentencing of a man at Craigavon Crown Court in connection with a cannabis farm disovered in Annahilt in February, 2023. Clive Weir, from the Annahilt area, was sentenced to 18 months in prison and 18 months on licence.
18 November 2024
Belfast's Vacant To Vibrant Scheme To Expand Citywide
A successful scheme aimed at transforming vacant properties in Belfast city centre into thriving businesses is set to be extended across the entire city. Belfast City Council's Vacant to Vibrant programme has already breathed new life into 26 properties, with another six sites in the pipeline.
Belfast's Vacant To Vibrant Scheme To Expand Citywide
A successful scheme aimed at transforming vacant properties in Belfast city centre into thriving businesses is set to be extended across the entire city. Belfast City Council's Vacant to Vibrant programme has already breathed new life into 26 properties, with another six sites in the pipeline.
15 September 2010
Bank Hit By Builder's Failure
One of NI's best known banks is likely to lose more than £2m it is owed by a property company which went into administration. The Ulster Bank was owed £3.4m by Hanna Quality Homes Limited when administrators were appointed last year. A report filed by the administrator now shows that the bank can expect to get back about £1.
Bank Hit By Builder's Failure
One of NI's best known banks is likely to lose more than £2m it is owed by a property company which went into administration. The Ulster Bank was owed £3.4m by Hanna Quality Homes Limited when administrators were appointed last year. A report filed by the administrator now shows that the bank can expect to get back about £1.
17 December 2007
Builders Fined Over Teen's Death On Site
Two construction companies have been fined £50,000 each following the death of a teenager at a Newtownards demolition site. Philip Mulholland, aged 17, had started his first day at the Blacks Industrial Complex site in Short Street when the accident happened in February 2005.
Builders Fined Over Teen's Death On Site
Two construction companies have been fined £50,000 each following the death of a teenager at a Newtownards demolition site. Philip Mulholland, aged 17, had started his first day at the Blacks Industrial Complex site in Short Street when the accident happened in February 2005.
10 May 2007
Iconic building to be restored
New Social Development Minister Margaret Ritchie visited Castlewellan today to announce work to restore an iconic local building to its former glory.
Iconic building to be restored
New Social Development Minister Margaret Ritchie visited Castlewellan today to announce work to restore an iconic local building to its former glory.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
