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Bushmills Writ-Fest

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Ross Homes was one of the more interesting local housebuilders in that it was listed on the AIM. I can't think of any similar firms who have used equity funding.

It was run by Simon Ross who was involved in the property game in Kent before moving to NI. The firm was based in Bushmills and built houses and apartments in north Antrim/ east Derry. It was listed on the AIM in 2006, about 80% of the shares at that time were held by the directors, but the major VC firm 3i held about 8%.

I'm not sure what the peak price of the shares was but at one stage the Market cap was approx £10m. Anyway like so many others it all gurgled down the drain in the crash. I haven't read the insolvency reports of Ross Homes or it's sister firm Rosslan. So I don't know the full gory details.

But what we can say is that there is an unpleasant legacy to the failure. If we look at the Chancery listing for 14 Sept we see that both AIB and BoS are suing Simon Ross and a Stephanie Ross. In return Stephanie Ross is suing AIB, BoS, BoI, Simon Ross, Rosslan, a Ballymena solicitor who was the chairman of Ross Homes and another solicitor in that firm.

Sounds messy.

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