STEAMBOAT, THE loss-making property development group co- owned by former Irish rugby team manager Pat Whelan, is in discussions with the National Asset Management Agency (Nama) on preparing a business plan for the future support of the group.
The discussions are disclosed in accounts just filed by Steamboat Developments Ltd and subsidiaries to the Companies Office. The accounts show pretax losses increased fourfold to €5.6 million to the end of December 2008.
Steamboat Developments is co- owned by Mr Whelan and Pat Chesser. The company built the 16-storey Clarion Hotel in Limerick city overlooking the river Shannon.
The group’s revenues almost halved during the year, going from €6.8 million to €3.9 million, with the cost of sales increasing from €6.8 million to €8.7 million.
A note by the directors confirms that Steamboat is in discussions with Nama “with respect to preparing a business plan for the future support of the group”.
The filings state: “This assumption depends on the recoverability of the company’s financial assets, work in progress, stock and debtors is subject to uncertainty due to the downturn in the property market and this has severe consequences on the directors’ ability to verify the appropriateness of their carrying value.”
