Belfast Telegraph

Four companies run by two of Northern Ireland's richest men are being wound-up with debts of £30m

By John Mulgrew

Four companies run by two of Northern Ireland's richest men are being wound-up with debts totalling more than £30m, it can be revealed.

Frank Boyd (61) and Andrew Creighton (54) are two of the best-known property developers here, and are directors with a number of firms.

And four companies, Rushvale Investments LLP, Gilmont Developments Limited, Linenhall Investments LLP and Kiltonga Properties Limited - of which they are both directors - are now being wound-up.

Debts across the companies amount to £31.5m.

And each of the firms no longer owns any property or assets, according to their latest sets of accounts.

The firms have been wound-up up voluntarily by the creditors, with Gregg Sterritt and Stephen Armstrong of RSM McClure Watters appointed as liquidators on Tuesday.

Abbreviated accounts for Gilmont Developments shows it had debts of £21.2m during the period ending June 2014.

It said the firm "disposed of its development property in a previous financial period" and has "no remaining tangible assets".

It added it would "therefore require continued support from its funder in order to pay future expenses". It's a similar story for the other three companies, with Rushvale Investments LLP posting debts of £1.6m.

And Linenhall Investments LLP has debts of £4.3m, while Kiltonga Properties Limited is in the red for £4.48m.

The firms all deal with operating properties or land.

Both property developers were once fixtures on the Sunday Times Irish Rich List.

Earlier this year the Belfast Telegraph reported another company of which Frank Boyd is a director posted losses of more than £27m.

Killultagh Estates Limited had owned a number of shopping centres - which included Connswater in east Belfast - as well as others in England and the Republic of Ireland.

Investment property value dropped from £105.7m to £73.7m - with £29m of impairments contributing to the significant fall, according to accounts in the year ending March 2014.

Frank Boyd owns the Rademon Estate in Crossgar.

His daughter Fiona Boyd is also behind the Shortcross Gin.

Mr Boyd is also a director for William Ewart Properties Limited, alongside Andrew Creighton.

Belfast Telegraph


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