A UK-based loan servicing group has appointed receivers to a company co-owned by Paddy McKillen jnr that controls the Bray Central shopping and town centre site.
In 2018, Wicklow County Council agreed to sell the property, formerly known as the Florentine site, to Navybrook Ltd for a reported €2.6 million, pending its redevelopment into a modern retail park by Mr McKillen jnr’s Oakmount property vehicle.
On Tuesday, Declan Taite and Sharon Barrett of corporate restructuring and advisory group Kroll were appointed by BCMGlobal, a UK loan-servicing firm, to Navybrook on foot of loans secured against the property.
The receivers were not available for comment on Wednesday evening. Oakmount was approached for comment.
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Companies Registration Office (CRO) filings indicate that BCMGlobal secured three charges against the assets of Navybrook in 2019 and 2022.
Navybrook’s 2019 annual return, the most recently available for the company, indicates that Keillan Ltd, the Isle of Man-registered holding entity behind the Press Up Group, owns 50 per cent of the company. The other 50 per cent is owned by Dublin-registered Clementbrook Ltd.
CRO documents also list Mr McKillen jnr as a director of the company along with Liam Cunningham and Ronnie Delany, long-time associates of Paddy McKillen snr, who were appointed as directors earlier this year.
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Work on the site was completed in 2023, with anchor tenant Penneys opening its doors in July 2024. The tenants are unaffected by the receivership, it is understood.
Mr McKillen jnr’s Press Up group also operated a Wowburger and Elephant and Castle outlet on the premises. Receivers were appointed to the operating companies behind both restaurants earlier this year by London-based lender Cheyne Capital, which took control of Press Up in a debt-for-equity swap.
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