Michael Taggart at the building site in Limavady. (North West Newspix)
TWO Derry brothers who lost their empire during the property crash have signed a multi-billion pound deal to develop thousands of new homes in the UK.
Michael Taggart and his brother John, from Drumsurn, have been involved in a bitter legal dispute with Ulster Bank over how their businesses began to crumble in 2007.
Michael Taggart (48) spent 16 days in the witness box earlier this year at Belfast High Court.
He is suing the bank for substantial losses over how his businesses folded in 2007 and 2008. The bank is also suing him in a counter-claim.
Mr Taggart recently began a new development in Limavady where homes have been snapped up off plan at a rate of one every two days.
A spokesman for County Land UK Limited, owned by wealthy businessman Howard Grossman, has confirmed that he has signed a joint venture deal with the Taggarts to develop 700 sites in southern England.
A further 19 sites have been agreed for development in a deal thought to involve future home sales valued at more than £2 Billion.
“The Taggarts have a track record of delivering quality homes on time in the UK and we’re extremely happy to be working with a group of people who work closely with us over the next few years to meet the increasing demand for homes in England,” said the County spokesman.
Mr Taggart would not reveal exact details of the new property venture, but he did say: “County has vast experience in the market and I can only say we’re delighted.
“We’ve built thousands of homes in the UK in the past and we are setting out to build thousands more. We will be on the first site in early September.
“Most of the sites are in the London area and independent finance is in place to develop them.”
The former winner of the Ernst & Young Entrepreneur of the Year said he was looking forward to the new challenge.
“I’m a bit older and a lot wiser now. You learn and you move on and that’s what I’m doing,” he said.
He said he was also considering a move into the Republic of Ireland property market.
“There are a number of opportunities in Dublin at the moment which we are also looking at. That’s all I will say for now but it is very exciting to be back,” he said.
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