McAleer & Rushe Group: Asleep on the Job – or are Liabilities Forcing an End Game?

This slideshow requires JavaScript.

One can only wonder what’s going on at McAleer & Rushe Group when these two images are viewed side by side – and coupled with the fact that, according to records at Companies House, McAleer & Rushe Group accounts are now three months overdue. One week or one month late filing might be reasonable – but for a company whose loans are now sitting with NAMA in Ireland and whose performance reported in it’s 2010 figures points to a shaky business – three months is an awful long time.

The question is: Is the FD asleep on the job or are liabilities mounting up to such a level that the company is simply no longer viable? In the worse case scenario – where would a collapse of the business leave the 2-14 Baker Street (10 Portman Square) project? Could British Land end up with NAMA as a development partner?

Information at Companies House on 30 March for McAleer & Rushe Group:

Company No. NI063407 Status: Active

Date of registration: 05/03/2007

Accounting Reference Date: 31/03 Last Accounts Made Up To: 31/03/2010 (GROUP) Next Accounts Due: 31/12/2011 OVERDUE Last Return Made Up To: 31/03/2011 Next Return Due: 28/04/2012

About 10 Portman Square | 2-14 Baker Street

10 Portman Square | 2-14 Baker Street Campaign This blog makes no claim of association or representation of the development known as 10 Portman Square | 2-14 Baker Street in London. This blog is a communication tool only and serves to highlight issues affecting members of the public and residents in the vacinity of that site. The development site at 2-14 Baker Street (10 Portman Square) was acquired by McAleer and Rushe in 2005 with a loan from Bank of Ireland. The price paid was £57.2m. Unable to repay the loan, the debt was designated for NAMA. Before NAMA assumed the debt, McAleer and Rushe sold the site back to British Land in 2010 for nearly £30m less than it had paid. The deal appears to have benefited McAleer and Rushe in a number of ways that may not be realised financially by NAMA. This includes a share of the development profits and the awarding of the construction contract to McAleer at a time that their auditors (KMPG) suggest that this company may not be "a going concern". According to McAleer & Rushe's latest available accounts (filed 2011) all the company's debts are "payable on demand" suggesting that they have not met their repayment schedule on their loans. There are ongoing issues at the site at 2-14 Baker Street (10 Portman Square) affecting members of the public and local residents. Members of the public and local residents have been put at risk many times and, too date, neither British Land or McAleer & Rushe appear to have faced no real consequences from a regulatory or legal persective. McAleer & Rushe have resorted to threats, harrassment and intimidation towards local residents objecting to unsafe practices and affected by the practices employed on and around the site. There have been a number of safety failures leading to deaths on other McAleer & Rushe sites in the UK. Full information and supporting evidence is available on request to interested parties.
This entry was posted in 10 Portman Square, 10 Portman Square l W1, 10portmansquare, 2-14 Baker Street, Bank of Ireland, British Land, Building Site, Child Safety, Children, Commercial Development, Competition, Construction, Construction Deaths, Disabled Access, Free Parking, HSE, Ireland Construction News, Legal Action, London, London Olympics, McAleer & Rushe, McAleer and Rushe, Mob, NAMA, NAMA Wine Lake, NAMAWINELAKE, Retail Development, Thug, Thuggery, UK Construction News, West End, Westminster, Westminster City Council and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink.

2 Responses to McAleer & Rushe Group: Asleep on the Job – or are Liabilities Forcing an End Game?

  1. Pingback: World War III Hits Westminster at 10 Portman Square | 10 Portman Square Campaign

  2. Pingback: British Land, McAleer & Rushe, Bank of Ireland and NAMA all Subject to Debate and Question in the Irish Parliament – Re-Sale of (planning enhanced) 10 Portman Square (2-14 Baker Street) for 50% of Value Questioned by Senator Mark Daly | 10 Portm

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s