Belfast Telegraph

Taggart Homes hopes to build 1,000 new homes

By Staff Reporter

A building firm led by the family of the Taggart brothers, who fought a long-running battle against Ulster Bank, hopes to build 1,000 new houses in the UK and Ireland by 2020.

Taggart Homes, is led by Michael Taggart's son Nick Taggart.

The firm plans to build around 530 new homes in the north west over the next three years at Barleyfields at Culmore in Londonderry, as well as Crescent Link - a total investment of £30m in the city.

The first phase of the 30-acre Barleyfields site was released last weekend. Taggart Homes said the two developments would create 350 jobs.

It has also entered deals for plant machinery worth £1m with firms TBF Thompson of Garvagh and David Forgie, of Limavady for plant machinery.

Michael Taggart and his brother John ran one of the biggest property-building empires in Northern Ireland, with projects across Britain, Europe and North America.

But after their firms went into administration, the brothers were engaged in a 10-year battle over multi-million pound personal guarantees they had given to Ulster Bank, centring on a development site in Kinsealy in north county Dublin.

Last month, Michael Taggart said he and his brother John, (57), had decided it was time to "move on". He is now a consultant in his son's company, Taggart Homes.

Mr Taggart said last month: "Nick has gone into the building business and I've been able to advise him along the way and I'm blown away about how successful he has been so far.

The brothers last month faced bankruptcy over their debts to Ulster Bank. But a judge was told they are now examining the possibility of reaching an alternative resolution with creditors.

Based on insolvency advice, the brothers may put forward proposals for an Individual Voluntary Arrangement.

An IVA involves a binding agreement to pay back outstanding debts, either in full or in part.

If any proposal is formalised it must go before a meeting of all those owed money and approved by a significant majority before bankruptcy proceedings can be stopped.

The brothers failed in their counter writ which claimed the bank's actions contributed to the collapse of the Taggart Group.

Belfast Telegraph