Saturday November 28, 2020

Investment firm says nearly a third of its property income is ‘at risk’

Accounts for Nick Furlong’s Vevey Management state that ‘directors expect some tenants will not be able to pay their rent’

Barry J Whyte

Chief Feature Writer

25th October, 2020
Shares in Vevay are owned by Melcorpo Properties, an Irish company, which is in turn owned by Pageant Limited, a Maltese company

A property company owned by Nick Furlong, the low-key Irish investor, has said nearly a third of its property income is “at risk” as a result of Covid-19 lockdown restrictions.

Vevey Management values its annual income from its property investments at around €12 million and said that about €4 million of this income is at risk.

In a note to the latest accounts the directors, who include Furlong and his son Paul, said...

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