Menu
22/07/2009
Could Belfast's Odyssey Be Over?
Although said to be worth some £80m, there is today "significant doubt" about the future of one of Belfast's flagship entertainment complexes.
Troubled times have hit the development company behind Belfast's Odyssey facility.
The company, Sheridan Millennium, has liabilities of £72.3m, according to information filed within the past three months at Companies House by independent auditors.
It is reported that most of the money is owed to the Anglo Irish Bank in Dublin while accounts for the year ended March 2008 also reveal the company made a net loss of £5.7m.
However, the man behind Sheridan Millennium, Peter Curistan, last night rebuffed any suggestion the company's future was in doubt and said they were currently looking at "three or four development opportunities".
"Those accounts were dated March 2008," he said.
"We decided that we would write down the value of Odyssey and also other bits and pieces. "We made £2.5m operating profit that year.
"Interest rates have fallen considerably since then. "We are saving over £5m a year in interest.
"We got a clear audit opinion which is very unusual in these circumstances and very good news," he said, speaking to BBC Newsline last night.
He also said he is close to selling his stake in Odyssey Pavilion, claiming it will fetch over £80m.
The Sheridan organisation provided £30m for the Odyssey project, with the majority of the capital coming from the public purse.
It currently holds the long-term lease on the Odyssey Pavillion, home to several bars and restaurants.
(BMcC)
Troubled times have hit the development company behind Belfast's Odyssey facility.
The company, Sheridan Millennium, has liabilities of £72.3m, according to information filed within the past three months at Companies House by independent auditors.
It is reported that most of the money is owed to the Anglo Irish Bank in Dublin while accounts for the year ended March 2008 also reveal the company made a net loss of £5.7m.
However, the man behind Sheridan Millennium, Peter Curistan, last night rebuffed any suggestion the company's future was in doubt and said they were currently looking at "three or four development opportunities".
"Those accounts were dated March 2008," he said.
"We decided that we would write down the value of Odyssey and also other bits and pieces. "We made £2.5m operating profit that year.
"Interest rates have fallen considerably since then. "We are saving over £5m a year in interest.
"We got a clear audit opinion which is very unusual in these circumstances and very good news," he said, speaking to BBC Newsline last night.
He also said he is close to selling his stake in Odyssey Pavilion, claiming it will fetch over £80m.
The Sheridan organisation provided £30m for the Odyssey project, with the majority of the capital coming from the public purse.
It currently holds the long-term lease on the Odyssey Pavillion, home to several bars and restaurants.
(BMcC)
Related Northern Ireland News Stories
Click here for the latest headlines.
10 April 2024
Work To Begin On New North Belfast Housing Development
The Department for Communities that preparatory works has now begun for the physical redevelopment of the Adam Street site on Duncairn Gardens in North Belfast. As a result of extensive public consultation, social housing will be provided through a residential-led regeneration scheme.
Work To Begin On New North Belfast Housing Development
The Department for Communities that preparatory works has now begun for the physical redevelopment of the Adam Street site on Duncairn Gardens in North Belfast. As a result of extensive public consultation, social housing will be provided through a residential-led regeneration scheme.
08 April 2024
Belfast City Airport Names Air Ambulance NI As Official Charity Partner
Belfast City Airport has named Air Ambulance NI as its Charity Partner of the Year for 2024 and 2025. Working in partnership with the Northern Ireland Ambulance Service to provide Helicopter based Emergency Medical Services for the region, Air Ambulance NI operates 12 hours per day, 365 days a year.
Belfast City Airport Names Air Ambulance NI As Official Charity Partner
Belfast City Airport has named Air Ambulance NI as its Charity Partner of the Year for 2024 and 2025. Working in partnership with the Northern Ireland Ambulance Service to provide Helicopter based Emergency Medical Services for the region, Air Ambulance NI operates 12 hours per day, 365 days a year.
01 February 2024
Belfast International Airport Serves 5.9m Passengers In 2023
Latest figures show that 2023 was a successful year for Belfast International Airport as it served 5.9 million passengers. Annual traffic results published by VINCI Airports show that there were almost 50,000 total aircraft movements at Belfast International in 2023, which is an increase of 23 per cent on 2022 figures.
Belfast International Airport Serves 5.9m Passengers In 2023
Latest figures show that 2023 was a successful year for Belfast International Airport as it served 5.9 million passengers. Annual traffic results published by VINCI Airports show that there were almost 50,000 total aircraft movements at Belfast International in 2023, which is an increase of 23 per cent on 2022 figures.
06 March 2024
NI Schoolgirl Mentorship Programme Continues To Grow
An all-female leadership programme dedicated to enabling, empowering, and developing young girls across Northern Ireland has announced that it has tripled in size in 2024, with almost 400 sixth form schoolgirls from 28 schools are participating in the SistersIN programme this year.
NI Schoolgirl Mentorship Programme Continues To Grow
An all-female leadership programme dedicated to enabling, empowering, and developing young girls across Northern Ireland has announced that it has tripled in size in 2024, with almost 400 sixth form schoolgirls from 28 schools are participating in the SistersIN programme this year.
20 March 2024
Belfast Man Handed Two-Year Stalking Protection Order
The PSNI have welcomed a two-year Stalking Protection Order (SPO) handed down to a 46-year-old Belfast man at Belfast Magistrates Court. The man had been found guilty of stalking and harassing his 50-year-old female ex-partner.
Belfast Man Handed Two-Year Stalking Protection Order
The PSNI have welcomed a two-year Stalking Protection Order (SPO) handed down to a 46-year-old Belfast man at Belfast Magistrates Court. The man had been found guilty of stalking and harassing his 50-year-old female ex-partner.
-
Northern Ireland WeatherToday:There will be a mixture of bright intervals and a few showers. Best of the sunny spells will be near the North Coast. Feeling on the cool side. Maximum temperature 10 °C.Tonight:Showers will gradually die out during the evening. A cold night with long clear spells leading to a touch of frost in places. Minimum temperature 0 °C.
