Ely group refinances its €18m debt
Ely Property, the student accommodation specialist that was bought out of the defunct Newcourt group before it was wound up last year, recently refinanced its remaining €18 million debts.
Chief executive Philip Marley bought Ely back from Newcourt early last year in a deal where no money changed hands but where he agreed to take on its €40 million debt burden.
The company, which has just taken over the management of a complex in Limerick University, has since cleaned up its balance sheet through a combination of disposals and administratorships in the UK …