A Dungannon couple, whose property development company constructed Northern Ireland’s first purpose-built Tesco in the town, have agreed to a ban from being company directors for seven years.
Peter and Jacqueline Dolan who ran Dungannon-based Jermon group, saw their firm collapse in 2011 because of the property crash, costing creditors over £100m.
Former pharmacist Peter founded the company in 1997, and after a rapid expansion during the property boom, Jermon took ownership of office blocks and shopping centres in Northern Ireland, England, Scotland and Poland.
But the group had borrowed over £190m from banks, including AIB, Bank of Ireland, Anglo Irish Bank and Bank of Scotland Ireland, and when the firm collapsed its assets were valued at just £91m.
The directors ban was imposed because the Dolans had allowed Jermon to retain almost £2m in tax that should have been paid to HMRC.
It was also reported that they had also misappropriated £115,000 of company funds or made a preference payment to themselves or a family member, and they were also accused of having bounced 18 cheques and failing to file company accounts.
As well as building Dungannon’s 40,000 sq ft Tesco, their other properties included Springhill Shopping Centre in Bangor and the Linen Green, Dungannon.
Jermon Ltd, the main company in the group, was also landlord for a number of retail and office properties in Belfast, including the Scottish Mutual Building in Donegall Square South, HMV and TK Maxx in Donegall Arcade and Mothercare in Castle Place.
Mr Dolan once owned an Agusta A109A helicopter and, in 2009, the Sunday Times Rich List estimated his wealth at around £40m.
He was bankrupted in 2012, but his period of bankruptcy has now expired.