Marina Market unaffected as former parent company enters receivership

The Marina Market in Cork, Ireland, will continue operations as usual despite the receivership of CPR Properties Cork Limited, a separate subsidiary of the market’s former parent company. The receivership, which began in January, involves a mortgage debenture between CPR Properties Cork Ltd and Dublin-based Ornate Finance No 2 Limited, dating back to September 2023.

Ownership Transition

Shift to Hembay Ltd

CPR Properties Cork was previously the owner of the Marina Market and involved in its planning application. However, the market is now owned by Hembay Ltd, according to a spokesperson. The spokesperson confirmed to The Echo that “Hembay, the owner of the Marina Market, is not in receivership.”

Did You Know? Hembay Ltd was incorporated in May 2024.

Urban Green Private Portfolio

Hembay Ltd is part of Urban Green Private, a real estate investment firm founded by Tom Coughlan. Urban Green Private maintains a portfolio of properties including Douglas Village Shopping Centre and Atkins Hall in Cork, Castletroy Town Centre in Limerick, Bridgewater Shopping Centre in Wicklow, and the Shipyard apartment complex in Faro, Portugal.

Expert Insight: The restructuring of ownership, moving the Marina Market to Hembay Ltd, appears to be a strategic move to isolate the market from the financial difficulties facing CPR Properties Cork Limited. This could be a common practise to protect valuable assets during times of financial strain within a larger corporate group.

Implications and Future Outlook

The receivership of CPR Properties Cork Limited relates to a mortgage debenture, suggesting financial obligations that the company was unable to meet. Colin Gaynor of Resolute Advisory was appointed as receiver of the company. While the immediate impact on the Marina Market appears minimal, the situation with CPR Properties Cork Limited could potentially influence future investment decisions within the Urban Green Private group.

the receivership process could lead to the sale of assets held by CPR Properties Cork Limited. Analysts expect that the performance of Hembay Ltd and the Marina Market will be closely monitored as part of the broader financial health assessment of Urban Green Private.

Frequently Asked Questions

What company is currently in receivership?

CPR Properties Cork Limited is currently in receivership, as of January, following a notice filed with the Companies Registration Office.

Who is the receiver for CPR Properties Cork Limited?

Colin Gaynor of Resolute Advisory was appointed as receiver of CPR Properties Cork Limited.

Is the Marina Market affected by the receivership?

According to a spokesperson, the Marina Market is not in receivership and continues to operate normally under its new owner, Hembay Ltd.

How might broader economic conditions in Ireland influence the performance of Urban Green Private’s property portfolio?