Property company linked to Caulfield McCarthy Group goes into receivership
Musgrave was keen to point out that the HCJV Property Group is a separate company to the Caulfield McCarthy Retail Group
15 September 2014
A property company linked to the Caulfield McCarthy Group, which runs a number of SuperValu stores, has gone into receivership.
HCJV has unpaid loans of around €80 million, and the Irish Bank Resolution Corporation has appointed accountants Smith and Williamson to take control of seven properties belonging to the group. The properties include Loughboy shopping centre and Riverview Shopping Centre.
Musgrave was keen to point out that the HCJV Property Group is a separate company to the Caulfield McCarthy Retail Group and that none of the SuperValu stores concerned will be affected.
A statement from Musgrave issued on Friday 12 September said: “HCJV Property Group today confirms that a receiver has been appointed to manage its property portfolio which includes the Riverview Shopping Centre, Hypercentre and Loughboy shopping centres.
“The HCJV Property Group is a separate company to the Caulfield McCarthy Retail Group.
“The receivership is unrelated to the Caulfield McCarthy Retail Group which operates SuperValu stores in Merchant’s Quay Cork, Bandon, New Ross, Enniscorthy, Tipperary Town, Wexford, Loughboy and Malahide.
“These stores are unaffected by the receivership and continue to trade as normal with suppliers, customers and staff unaffected.”
According to the Irish Times, IBRC backed HCJV company director Anne Marie Caulfield, her brother Thomas Caulfield, and John McCarthy, a former employee of SuperValu’s owner Musgrave, in a management buyout of the group from its original shareholders in 2004 in a deal reportedly worth up to €70 million.
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.