THE NATIONAL ASSET MANAGEMENT AGENCY has moved against one of the largest retailers in Thomastown. Kavanagh’s Supervalu, Dublin road has had a receive appointed after its parent company got into trouble repaying its loans.
Two Thomastown companies received the attentions of NAMA at the start of the month. P&S Kavanagh, a building contractor and GBC Supermarkets, the operators of Kavanagh’s Supervalu both had receivers appointed. A receiver is put up in place to run a company until such time as there is no longer a danger of the company going in to liquidation.
According to planning documents, P&S Kavanagh was the developer of the site where Kavanagh’s Supermarket was built. Once the site was developed the operation fo the Supervalu was taken over by GBC Supermarkets.
P&S Kavanagh would not be one of the larger players on NAMA’s books but must have loans over the value of €20m in order to have dealings with NAMA.
Both companies are jointly owned by John Fahrer and John Francis Ronan, both from Clonmel, Co Tipperary. The receiver was appointed after they unable to meet their payments to AIB and Bank of Ireland.
NAMA was established to take over the loans and underlying assets of property developers who couldn’t meet the payments on loans that to date it has moved against a number of high profile developers to place their companies into receivership.