Developer and hotelier Noel O'Callaghan's Sherborough Development Company lost nearly €3.2m last year. That meant the company had an excess of liabilities over assets of nearly €4.4m but a letter of continued financial support was provided by Brodnax, the ultimate parent company. The value of 'farmlandunder construction', related to a stud farm for use in the company's farming activities, fell €3.7m during the year but a profit of more than €900,000 was made on the disposal of an asset. The company's breeding stock was valued at nearly €7m at the end of last year.

O'Callaghan is best known for his ownership of O'Callaghan Hotels which has three hotels in Dublin and others in Gibraltar and Maryland in the US.