UK Plc backs Johnny Ronan’s bid to pay off debt

One of Ireland’s leading boom time developers Johnny Ronan is reportedly being backed in a bid to exit Nama by repaying his personal company debts.

He is said to have engaged with Nama in recent weeks and informed the agency that Development Securities, a London Stock Exchange listed development company has expressed initial interest in buying out his debts at cost.

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Mr Ronan’s personal and private company related debt totals about €250 million. His assets include a range of prime Dublin offices including Treasury Buildings, and the building which houses Bewley’s on Grafton Street.

Treasury Holdings was placed into receivership in 2011 by Nama on foot of debts of more than €1 billion, Mr. Ronan was allowed to continue to manage his personal property portfolio.