A Cork businessman has regained control of The Quays Shopping Centre in Newry, just two months after it fell into administration.
Administrators were appointed to Tom Coughlan’s UGP Newry Limited on March 19, just two years after the former Cork City owner paid £13.5 million to buy the retail complex in February 2024.
The Quays, which has been hit by high rates of vacancy, has continued to trade as normal.
But just two months after the administrators from EY entered the 375,000 sq ft retail development and took control of the company’s bank accounts and cash, UGP Newry has exited the insolvency process.
It follows a new finance deal secured by Mr Coughlan’s Urban Green Private (UGP) to repay a £7.7 million debt demanded by his previous lender, effectively rescuing the company.
UGP Newry Ltd, which owns The Quay’s Shopping Centre, entered administration on March 19 2026.
A report from EY has revealed the administration was triggered by a dispute with London-based lender GLAS (Global Loan Agency Services).
The London firm, which specialises in complex loan restructuring transactions, originally helped UGP Newry buy The Quays out of receivership in 2024.
The arrangement involved GLAS Trust Corporation Ltd being granted security over the property to secure the debt.
While UGP Newry did not miss any scheduled loan repayments, the administrators have disclosed the source of the fallout between Mr Coughlan and the London lender.
EY’s report states: “A technical event of default occurred being the use of funds, where the secured lender consent was required, but not obtained.
“As a result, the secured trustee made demand for repayment of the secured debt, which became immediately due and payable.”
UGP did not have sufficient liquidity to pay the £7.7m at that time, resulting in administrators from EY being appointed by GLAS on March 19.
However, the directors of the Cork-based property company managed to secure a funding agreement with a new lender.
That led to the administrators agreeing to a ‘standstill period’, stating it was in the best interest of creditors.
Outside this proposal, the EY administrators said they did not identify a realistic alternative route to the rescue of the company as a going concern.
In a document announcing the end of the administration process, the joint administrators said they consider the refinancing provides a basis for the company to continue trading.
It also reveals UGP has pledged to spend a further €3m “to discharge creditor balances and facilitate remedial and improvement works around the property to generate additional rental income”.
The administrators added: “Together with improved trading conditions, this could provide a basis for the repayment of all creditors in full as long as the company continues to trade as a going concern.”
The joint administrators said outside this arrangement, the likely scenario would have led to the sale of The Quays.
But the report adds that the administrators did not believe the asset would have achieved the £15.7m market valuation produced by CBRE.
CBRE also estimated the value at £7.4m assuming full vacant possession.
However, EY’s report revealed a valuation ordered by GLAS last year valued The Quays at just £6.2m.
The two month process has proved costly for UGP Newry Ltd, with EY’s report putting its total expenses since March at £192,546.