Belfast Telegraph

NI property firm bounces back to profit after £105m loss

By Margaret Canning

A property company run by Andrew Creighton and Frank Boyd is back in the black after selling off assets.

Profits at Brunswick (No 1) Ltd for the year to the end of June 2015 were £75,572 - a turnaround from losses of £105m the year before. Turnover also increased by 19% to £16.5m at the group company, which is one of the biggest property businesses trading in Northern Ireland.

It also has interests in companies registered to the Isle of Man, Germany and Luxembourg.

Mr Creighton and Mr Boyd are two of the region's best-known property developers, and their families are joint owners of racehorse Hurricane Fly.

Mr Boyd's separate company Killultagh Estates is the former owner of Connswater Shopping Centre in east Belfast.

In a strategic report accompanying the results, the directors said the outcome was "in line with expectations".

The main risks facing the group were occupancy levels in its commercial properties and the amount of money it earned on its investment properties.

A directors' report filed with the results at Companies House said: "The group's facilities have been acquired by a new funder, and following negotiations, the group has entered into an agreement with its funder for the continuation of the facilities."

The statement added that the company's change of lender was the final stage of a process of selling off various assets which it hoped would eventually move the business onto a "sound financial footing".

Belfast Telegraph