NAMA takes control of Bord Gáis Energy Theatre and Point Village

Friday 19 April 2013 19.59
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NAMA takes control of Bord Gáis Energy Theatre
NAMA takes control of Bord Gáis Energy Theatre
NAMA takes control of theatre and Point Village

The National Asset Management Agency has taken control of the Bord Gáis Energy Theatre, formerly known as the Grand Canal Theatre, and the Point Village.

According to The Business Post, NAMA appointed receivers appointed to a number of companies controlled by the businessman and developer Harry Crosbie in the last 24 hours.

Steve Tennant and Paul McCann, partners with Grant Thornton accountants, have been installed as receivers over the assets.

A spokesman for NAMA has declined to comment on the move.

The manager of the Bord Gáis Energy Theatre said that people who had bought tickets to shows in the venue would be unaffected by the receivership.

Stephen Faloon said shows were booked until 2016.

He said 23 trucks would shortly arrive as the venue prepares for the arrival of the Lion King.

He added he anticipated that 135,000 tickets would be sold for the musical.

The Bord Gáis Energy Theatre is operated by entertainment company Live Nation and Harry Crosbie has been the building's landlord.

The theatre employs 25 full time and 70 part time staff.

Bord Gáis Energy also said its sponsorship of the venue would be unaffected.

"The sponsorship agreement, which was signed in October 2011 was for 6.5 years."

The O2 Theatre would also be unaffected by any receivership as it is outside of this process.

Mr Crosbie owes NAMA about €450m and the agency has been in talks with the developer for some time.

He recently resigned as a director of Grand Canal Theatre Ltd, which operates the Bord Gáis Energy Theatre.

He has also resigned as director of several companies associated with the Point Village, which consists of a number of developments around the O2, including the Gibson Hotel.

Keywords: harry crosbie