The long-awaited €80m
retail development in Sligo will have the final nail driven into its
coffin today as Treasury Holdings is liquidated. The hopes of 500
long-term jobs in the Sligo project also finally fade away.
were raised last year when retail giant Debenhams signed a lease
contract to become the anchor tenant in the Sligo Town Centre.
had been expected, and confirmed at Sligo Borough Council meetings that
the entire centre would be open and trading by Christmas 2013.
Holdings had confirmed that 350 people would be employed during the
construction of the centre, with Debenhams alone employing up to 120
people in its store on completion.
The developers claimed that
500 direct and indirect jobs would have been created with the opening of
the 46,000sq ft shopping centre is up and running.
already in Sligo, including Tesco, Penneys and Dunnes Stores, had also
indicated their intention of moving into the new development.
assurances from Treasury Holdings personnel and from their subsidiary
company, Callside Developments this year to the Borough Council many
councillors remained sceptical of the development which has been the
subject of prolonged debate for decades.
The Belgian lender, KBC
bank, owed €70m, finally lost patience and successfully applied to have
Treasury Holdings liquidated and so the property empire built up by
Johnny Ronan and Richard Barrett will collapse today following the
pair's decision to abandon any efforts to save the business.
the collapse will trigger questions regarding the ownership of the
properties, including the Wine Street Carpark, in Sligo committed to the
Former Mayor of Sligo, Matt Lyons last March
said, "To say this is one sorry mess, that's a complete understatement.
" He predicted "a whole legal mess coming down the road." Time had
caught up with Treasury, who had been given the time and energy of staff
and of property owners, he said.
Further confusion was highlighted at a Borough Council meeting last month when the Acting Director of Services, Paula Gallagher told members, ''It will move us to a new position,'' she predicted on the possible collapse of Treasury Holdings.
''Sligo Borough Council, she said, had ''worked very hard to protect the interests of Sligo Borough Council.''
Cllr Declan Bree whether the Council had beneficial ownership of the car park.
Ms Gallagher said the Council had served Compulsory Purchase Orders on property in the car park, adding: ''and what property we have is still in our ownership
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