David Nabarro, activist shareholder of one of Ireland’s largest housebuilders, McInerney Homes, has gained control of the company after the board resigned.
London-based financier Nabbaro had waged a long-running battle to gain control of the troubled housebuilder, having said he was “utterly appalled” at how the business had been managed.
After overwhelming support from shareholders, the previous board, with the exception of managing director Barry O’Connor, has resigned and Nabarro has become chairman.
He is joined on the new board by two of his colleagues, John Garratt and Kevin Lynch.
Nabarro said: “We promise we’ll try to do our best. The real hard work has already begun.”
He said the new board would meet with receivers as soon as possible and begin to raise cash to rebuild the company.
Nabarro launched his bid for the company after chairman Ned Sullivan wrote to shareholders proposing to wind up the housebuilder’s listed parent company. Sullivan claimed no value remained in the business for shareholders – Nabarro disagreed.
McInerney is currently a shell company and has no assets. It was placed into receivership after a rescue plan involving US-based Oaktree Capital was rejected by the Irish high court. It owes around €113m (£99m) to banks.
james.kenny@estatesgazette.com
