IBRC seizes property company behind eight SuperValu stores

Irish Bank Resolution Corporation (IBRC) has appointed Liam Dowdall and Sean McNamara of Smith & Williamson accountants to take control of HCJV, the property arm of the Caulfield McCarthy retail group, one of the country’s biggest SuperValu franchisees which owns stores and shopping centres in eight locations around the country on foot of unpaid loans totalling more than €80m.

The Caulfield McCarthy group includes outlets at the Hypercentre in Waterford, Loughboy in Kilkenny, Bandon in Cork, Tipperary town, Merchant’s Quay in Cork city, Malahide in Dublin, and Enniscorthy and New Ross in Wexford. The retail side of the business Caulfield McCarthy Group Retail, is not in receivership, and the stores, which employ about 1,000 staff, will continue to trade as normal.

The loans were due to be sold on by IBRC as part of its liquidation, but according to the receivership appointment notices, it was the bank that put in Smith & Williamson, and not any third party loan buyer.

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