Titanic Quarter Developer Makes a Loss

5th November 2012

#TITANIC - Titanic Island, the company at the head of the consortium developing Belfast's Titanic Quarter, made a pre-tax loss of £20 million (€25 million) in 2011, as BBC News reports.

Much of this has been attributed to a one-off payment of £13 million (€16.25 million) to the charitable trust that owns the new Titanic Belfast visitor centre on the shores of Belfast Lough.

The company's directors described the opening of the tourism hot-spot as the "tipping point" for the development and that "the pieces are in place" for the Titanic Quarter to become one of Ireland's most important commercial hubs.

Meanwhile, Titanic Island is in discussions with Ulster Bank about restructuring its loan support, which the firm's auditors say is essential if the development is to continue.

BBC News has more on the story HERE.

Published in Titanic

Tagged under

About The Author

MacDara Conroy

Email The Author

MacDara Conroy is a contributor covering all things on the water, from boating and wildlife to science and business

We've got a favour to ask

More people are reading Afloat.ie than ever thanks to the power of the internet but we're in stormy seas because advertising revenues across the media are falling fast. Unlike many news sites, we haven’t put up a paywall because we want to keep our marine journalism open.

Afloat.ie is Ireland's only full–time marine journalism team and it takes time, money and hard work to produce our content.

So you can see why we need to ask for your help.

If everyone chipped in, we can enhance our coverage and our future would be more secure. You can help us through a small donation. Thank you.