STATE ASSETS agency Nama has taken control of three companies led by well-known Galway developer Chris Crehan.

The agency this week appointed Ken Fennell of insolvency and restructuring specialists Kavanagh Fennell as receiver to three companies controlled by Mr Crehan and his family: Coolagh Constructions, Kapstone and Inchagoill Contracting (Salthill).

According to the current edition of Insolvency Journal, which is published by Kavanagh Fennell, Nama made the appointments this week.

Mr Fennell was already appointed receiver to Coolagh Constructions by EBS last October, while Ulster Bank appointed David Hughes and Luke Charleton of Ernst Young to both Coolagh and Kapstone around the same time.

The companies are part of the Strinler group. Consolidated accounts for that business show that by early 2010 it owed a total of €88.6 million to its banks AIB, EBS and Ulster Bank.

The figures, for the 12 months ended February 28th, 2010, show that loans given by all three were secured by charges over various sites owned by the business and with personal guarantees given by members of the Crehan family, totalling more than €26 million.

Strinler’s shareholders’ funds were €19 million in the red on the balance sheet date.

The group was behind developments in a number of areas around Galway city, including Knocknacarra, and had sites at Ballymoneen, Ballyburke and Rahoon. The group also owned the Clybaun Hotel in the city.

The local authority recently refused to extend planning permission given in 2007 for houses and apartments at two sites in Knocknacarra.

Planning permission expires after five years if no development goes ahead. Galway City Council refused to extend it in this case as the proposed development did not comply with new planning guidelines introduced since 2007.