Dromore property tycoon owes £90m

ONE of Dromore’s most prominent businessmen is reported to owe almost £90 million to Anglo Irish Bank.

Tuesday, 1st March 2011, 8:38 am

Sam Thompson, a property developer who runs Thompson Developments and other firms, is said to owe the money after signing personal guarantees to the bank two years ago.

Anglo Irish Bank is believed to have served Mr Thompson with an order to pay the money and he can now either agree to this or challenge the payment request in court.

It is understood the Dromore man’s businesses, all based at Drumnabreeze House in Magheralin, have been in trouble for some time and one of the firms, Thompson Lennox, was placed into receivership by Ulster Bank in January.

Anglo Irish Bank is claiming that Mr Thompson signed personal guarantees for company debts in June 2009 and then in October that year.

Thompson Lennox is believed to have total bank debts of more than £24 million, showing an annual loss of £1.8 million in accounts up until the end of April 2009.

Thompson Developments has outstanding bank loans of more than £78 million while related company TB Homes is said to have a bank debt of £4.6 million.

Ballybreeze Estates and Redcliff Properties, which both have accounts up until the end of April 2009, have bank debts of £10 million and £798,000 respectively.

Thompson Developments owned numerous sites around Northern Ireland, including Dromore and Banbridge, and together the companies have a debt amounting to around £117 million.

The property developer’s speciality was building large, unique country houses usually priced at around £1 million.

When contacted by the Leader yesterday (Monday), Sam Thompson was unavailable for comment.