Much talk of this at a family do last night. One well-known developer is apparently bust, the bank have seized the company and all the assets (i.e. ghost estates), but are looking at a £200 million loss. From one developer.
And he’s only the first to go to the wall. 3 or 4 other builders were being talked about as “next”. And these are all just Derry & Tyrone builders!
As I said before the north will be on their way to the next boom while we are still denying that the current bubble existed in the first place.
Through the chair,
I hereby formally request a temporary and localised suspension of the No Glee policy.
I have to say my sympathy is lacking in respect of these guys who did in Derry and elsewhere in the North what had happened here in the south.
Another thing some of these guys would take the pennies off a dead mans eyes (allegedly) so let the market correct itself and bring on the liquidator.
The sooner this happens the sooner things get back to normal and thats both sides of the border
You gotta love the journo there. Fill yer boots with the glee.
It’s good to see the openness here however, at least the developers in N.I. are admitting to the issue. They are out of the denial and well into the “despearation” mode.
Down here in the 26 counties however it’s all very much behind closed doors, legs beneath the table.
Down here also I’m thinking that instead of “top-of-the-range Porsche, Mercedes and Land Rover vehicles” our high fliers are dealing with top of the range Ferraris, Bentleys and Citations; Porsche, Mercedes and LandRovers are just so yesterday!
They only just set their builders association up and de members are threatening the banks big time with a strike , a payment strike . Maybe NI banks have auditors who will not sanction rollups eh ??
Its just like the way the IFA used to behave when Country Tom was in charge.
In fact I would love to be a fly on the wall when Country Tom visits our banks for a chat about ‘tings’
Would somebody think of the workers, it is amazing what concerns developers when things come tight on them. I doubt they would be showing much concern for workers if things were rosy. They would continue to underpay wherever they can, using subbies, make no pension contributions, pocket tax deductions. This segment needs to crash and hopefully it will come back in a leaner, more robust, fairer form, I can dream.
Its possible that many of the Northern guys “made their bones” down here around the turn of the century. I remember working beside a couple of large construction sites in Dublin city centre about 2002 and it seemed to be full of mainly northern accents. There was probably a natural assumption that the virus would spread across the border and this more than likely fed into the creation of the northern bubble. However, the speed with which they seem to be emerging from their bubble would appear to suggest that the trappings of “bubble” had not yet become a lifestyle definition to the same extent that it had down here.
Have you any idea when, or if, the first thing will be reported in the media? The construction industry up here claim thousands have been laid off recently but specific redundancy announcements are rarely made.