Some Jermon Development assets in receivership

A number of assets belonging to a major Northern Ireland property company have been placed into receivership.

Jermon Developments, which is based in Dungannon, has interests in offices and shopping centres in NI, Scotland, England and Poland.

Anglo-Irish Bank is understood to have appointed a receiver to three of the company's assets including an office development in Belfast.

Jermon Developments said that it would not comment.

A bank appoints a receiver when it doubts a company's ability to repay all of its debts and wants assets sold so that it can get its money back.

The receiver also takes control of any rental income the properties are earning.

Anglo appointed a receiver on May 28, documents filed at Companies House detail.

The receivership applies to a small part of Jermon's portfolio and it retains control of most of it properties.

Jermon was set up by Peter Dolan, a former pharmacist, in 1997.

The firm's first major project was the development of Northern Ireland's first purpose-built Tesco in Dungannon.

The company expanded throughout the property boom, buying assets in London and Scotland. It also bought properties in central Europe, including an airport in Hungary.

It is currently involved in a £25m project to redevelop Dumbarton town centre in the west of Scotland.