Ballina Cineplex, controlled by Ward Anderson, the largest cinema group in the country, has gone into receivership. The Sunday Business Post reported that KBC bank installed receivers to the multi-screen cinema complex last week in light of a €4.5 million bank debt.
Although the cinema continues to operate by the leaseholder, Ballina Cineplex, the receiver KPMG, is now effectively the cinema’s landlord.
The bank appointed the receiver to shares in the property held by two of the principals of Ward and Anderson group, Paul Anderson and Leo Ward. Along with this, shares of business men, John Fallon, Stephen Fallon and Eugene Cawley were taken in order to ensure that it was guaranteed all rents from the cinema’s operator.
A record of €248,000 in rental arrears was noted in the most recent accounts of the cinema in the north Mayo capital, with the accounts noting this figure as ‘a concern for the co-owners’ bankers.