A receiver has been appointed to Shafin Developments, which is jointly owned by Westlife star Shane Filan and his brother Finbarr and includes a part developed site in Dromahair.
Patrick Horkan of KPMG has been appointed by Ulster Bank as the Receiver and Manager to Shafin Developments Ltd. The company’s assets include four residential properties and a part developed site at the Hillcrest Development, Stonebridge, Dromahair. The company also has an interest in a site at Carraroe, Co Sligo.
The company had borrowed from Ulster Bank to finance a number of developments in Leitrim and Sligo. Speculation as to the extent of the company’s debts has ranged from €4m-€20m.
The company was set up by the Filan brothers in 2004, however a number of other development plans, including a nursing home in Sligo and a supermarket in Dromahair, did not go ahead.
Shane Filan will begin a farewell tour with his Westlife colleagues this month.