Drenagh Estate moves out of administration

Drenagh stately home.
Drenagh stately home.

A stately home and wedding venue in Limavady which went into administration last year is understood to be back in the hands of the family.

The 1,000-acre Drenagh Estate was put up for sale in March 2014. The house was built for the McCausland family in 1837 and was designed by the architect Charles Lanyon.

“Recent tough economic times in the leisure market has put unsustainable pressure on cash-flow,” a statement from administrators FRP Advisory read at the time.

It is understood the land in question has been sold and enough raised to pay off Drenagh Farm’s debts.

FRP Advisory, the specialist restructuring and advisory firm, confirmed it has sold part of Drenagh Farms Limited comprising arable farmland, woodland and some estate properties out of the Estate.

Administrators FRP Advisory said: “The joint administrators can confirm that proceeds from the completion of the sale of the land and buildings should allow all debts attaching to Drenagh Farms in administration to be repaid and to allow the company to move out of administration in due course.”

“Over several months following their appointment, the joint administrators marketed the estate, engaging with a number of interested parties and resulting in due diligence being undertaken by several parties and offers being tabled.

“A sale of the land and buildings provided the best available solution for the company and its creditors whilst ensuring that Drenagh’s core house and surrounding gardens remain intact, still under the control and ownership of the company.”

Last year, Jason Baker, the joint administrator at FRP Advisory, described the venue as “a fine stately home and working estate steeped in the history of Northern Ireland”.

He added: “The administration process provides a cushion for the estate to run as normal while a potential new ownership structure can be established to ensure a long term solution can be found for this historic house and associated leisure pursuits business.”

The estate continued to run as normal during the administration process.