Start lost €2.7m last year

Brendan Burgess

Brendan Burgess

Founder
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loss 2010|€2.7m
Loss 2009|€1.5m

Assets: €13.2 m due from other group companies (probably mortgages?)
€9.2 m cash

Start’s ultimate parent is South African bank and finance group, Investec, whose British subsidiary, Kensington, bought out the 28 per cent of the Irish company that it did not own last June


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The company became the biggest operator in the sub-prime market, and is the only one of four such lenders still in business here. It switched out of the sub-prime market two years ago and now operates as a conventional lender.
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Given that they seem to be the main bank in the Irish Times every week seeking repossesion, it makes you wonder how much they are making on the mortgages actually being paid by their customers
 
117 repossession orders granted in 2011Q1 - unfortunate for those involved but again small numbers in the greater scheme of things?
 
Is it just me or is it odd that one of the founders of Start is Head of Arrears Support Unit at Bank of Ireland
 
There is a shortage of peopl with experience in dealing with arrears.

The guys in Start have good experience of it, so it would not be unusual for another bank to headhunt them.

Brendan
 
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