Menu
08/04/2009
Hegarty Companies Go Into Administration
A Co Londonderry-based business family has run into financial difficulties.
Despite being listed in last year's Sunday Times Rich List with "a fortune of £40m" part of Patrick Hegarty's company is going into administration.
Along with his brother, Hugh, the family began investing in property in Northern Ireland in the 1960s and developed the W G Mitchell company by moving into the Scottish market in the late 1990s - specifically developing a focus on hotels.
Although the brothers now own a property business worth £500m, they have had 30 of their estimated 75 companies placed into administration.
Ernst & Young, who have been appointed as the administrators, said the companies had been operating in a "challenging market place".
Part of the W G Mitchell portfolio includes the 200,000 sq ft Richmond shopping centre in Derry, which is leased to another company.
It has been confirmed that trading at the shopping centre will continue as normal.
"They have been finding it increasingly difficult to meet the significant backlog of creditors as well as ongoing debt service obligations.
"The business model under which the companies have been operating was becoming unsustainable," said a statement from the administrators.
However, Ernst & Young also said it would continue to operate the companies whilst considering options for selling them.
The Mitchell portofolio also includes two hotels in Edinburgh's Grassmarket, Charlotte Square and George Street in Edinburgh and properties in Glasgow, Perth and Fraserburgh in Aberdeenshire.
(BMcC/JM)
Despite being listed in last year's Sunday Times Rich List with "a fortune of £40m" part of Patrick Hegarty's company is going into administration.
Along with his brother, Hugh, the family began investing in property in Northern Ireland in the 1960s and developed the W G Mitchell company by moving into the Scottish market in the late 1990s - specifically developing a focus on hotels.
Although the brothers now own a property business worth £500m, they have had 30 of their estimated 75 companies placed into administration.
Ernst & Young, who have been appointed as the administrators, said the companies had been operating in a "challenging market place".
Part of the W G Mitchell portfolio includes the 200,000 sq ft Richmond shopping centre in Derry, which is leased to another company.
It has been confirmed that trading at the shopping centre will continue as normal.
"They have been finding it increasingly difficult to meet the significant backlog of creditors as well as ongoing debt service obligations.
"The business model under which the companies have been operating was becoming unsustainable," said a statement from the administrators.
However, Ernst & Young also said it would continue to operate the companies whilst considering options for selling them.
The Mitchell portofolio also includes two hotels in Edinburgh's Grassmarket, Charlotte Square and George Street in Edinburgh and properties in Glasgow, Perth and Fraserburgh in Aberdeenshire.
(BMcC/JM)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
06 July 2012
Belfast To Host Major International Business Conference
Belfast is to host a major international business conference in April 2013. The annual Global India Business Forum brings together more than 350 chief executives from major Indian companies to meet with their European counterparts to examine the potential for trade development and investment between the two regions.
Belfast To Host Major International Business Conference
Belfast is to host a major international business conference in April 2013. The annual Global India Business Forum brings together more than 350 chief executives from major Indian companies to meet with their European counterparts to examine the potential for trade development and investment between the two regions.
19 November 2014
NI Firms Receive Recognition For Participating In SC21 Programme
Enterprise, Trade and Investment Minister, Arlene Foster has encouraged local companies to build on Northern Ireland's reputation for excellence in the aerospace sector.
NI Firms Receive Recognition For Participating In SC21 Programme
Enterprise, Trade and Investment Minister, Arlene Foster has encouraged local companies to build on Northern Ireland's reputation for excellence in the aerospace sector.
15 March 2013
Texam Develops Business Partnership In Germany
Texam in Lisburn, a specialist in the design, manufacture and installation of conveyor systems, has been assisted by Invest Northern Ireland to develop a business partnership in Germany. The Northern Ireland company used the Enterprise Europe Network (EEN) at as part of a drive to grow sales abroad.
Texam Develops Business Partnership In Germany
Texam in Lisburn, a specialist in the design, manufacture and installation of conveyor systems, has been assisted by Invest Northern Ireland to develop a business partnership in Germany. The Northern Ireland company used the Enterprise Europe Network (EEN) at as part of a drive to grow sales abroad.
04 December 2018
Imperva To Establish New Office In Belfast
A leading global provider of cybersecurity solutions, is expanding its operations with a new office in Belfast, creating 220 new jobs.
Imperva To Establish New Office In Belfast
A leading global provider of cybersecurity solutions, is expanding its operations with a new office in Belfast, creating 220 new jobs.
06 November 2015
Council Hosts 'Small Business Saturday Bus Tour'
Belfast City Council hosted the 'Small Business Saturday Bus Tour' at City Hall on Thursday, 05 November, which is touring the UK to highlight small business success and encourage people to 'shop local'.
Council Hosts 'Small Business Saturday Bus Tour'
Belfast City Council hosted the 'Small Business Saturday Bus Tour' at City Hall on Thursday, 05 November, which is touring the UK to highlight small business success and encourage people to 'shop local'.
-
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.
