Profit of €3.6m for housebuilder Abbey -> irishtimes.com/newspaper/fin … 45345.html
They were one of the very few who, not only saw the bust coming, but adequately positioned their company to prepare for it.
When others were competing in the buying frenzy, Abbey took a step back.
Consequently, whilst most developers have an excess of land on their books and are drowning in debt, Abbeys 'progress relies on successful ***restocking ***of our land bank and this seems likely to be a slow and difficult process.”
What a great position to be in.
Full credit to the management.
Good position to be in alright. Landbands must be all on firesale at the moment.
Credit to the management indeed and really they are not the only ones. Mick Wallace owes 40 mn to the banks which, in the scale of things, is small beer. I believe his developments are considered okay too? It is companies like these that should now be benefitting from the bust and forming the core of the construction sector for the future. But what do we have? Incredibly bust helicopter flying, maserati driving no-hopers who rode the boom up and who will now just ride the taxpayer. What an incredible competitive advantage to be able to just ignore you billion euro debts and get NAMA’d. I’ll have to see a load of them busted before I believe any different.
I’ve heard good things about Mick Wallace, I think he did a very nice job on the Italian quarter
It is worth considering in the light of NAMA exactly what sort of Construction “Industry” we want to see emerge from this bankrupt isle.
I have always been impressed by Wallace`s operations and particularly by his willingness to display his builders bum to all and sundry as he did a bit of work himself.
He is also probably the ONLY developer who has thus far bothered to articulate his own personal and corporate situation to the public.
It appears most other Irish Builders and Contractors have been struck dumb and will barely answer the call of nature without a Senior Counsel in attendance.
If anything we should be introducuing a new form of stress-testing of these characters simply to see if they are human at all before committing vast amounts of money we have yet to earn towards their continuing upkeep.
Besides, how cool is it to be able to say that Rich Parfitt built your apartment…
Mmmmm rich Parfe
I live in one of his apartments on Dominick St, they’re very well made.