Tue, 11 Mar 2014 | ADMINISTRATION
The parent company of Northern Irish property investment firm – the Orana Group – has gone into liquidation.
The news comes after many of the subsidiary companies have entered administration in the past couple of years. However, the firm was still optimistic about its future and claimed that it had hoped to generate 3,000 new jobs and over £600 million of investment into Northern Ireland, the Belfast Telegraph reported last week.
Orana was involved in The Outlet project in Banbridge and also said it had proposals for other big retail schemes in Londonderry, Omagh and Larne.
The Orana Group was backed by politicians from several different parties and consists of what the Belfast Telegraph calls a “complex network of companies”. While most of the companies are based in Northern Ireland (NI), the firm’s parent companies operated out of Guernsey and the British Virgin Islands. Now one of those parent companies – Orana Investments (Bridgewater Park) Ltd – has fallen into administration.
Robert Toynton and Alan John Roberts of Grant Thornton have been appointed as administrators but have not yet commented on the news.
Companies in the group that have ceased trading include Cordev Ltd, previously known as GML (NI) Ltd; GML (Estates) Ltd; GML (Bridgewater Park) Ltd; Bridgewater Management Ltd; and GSB Guernsey Trading Ltd. The Outlet, meanwhile, is now owned by West Register, which is part of the Royal Bank of Scotland Group.
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