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Bankruptcy for former £500m property tycoon
A PROPERTY tycoon who once controlled a £500 million empire from Edinburgh has been declared bankrupt.
A notice in the Edinburgh Gazette, one of the UK government's official newspapers, showed that Patrick Hegarty had been sequestrated, the Scottish term for bankruptcy, at the request of Bank of Ireland.
The notice read: "The estate of Patrick Hegarty was sequestrated by the sheriff at Edinburgh and Brian Milne, of Deloitte, has been appointed to act as trustee on the sequestrated estate."
At its height, Hegarty's WG Mitchell property empire included the Radisson hotels in Edinburgh and Glasgow, along with residences on Edinburgh's Charlotte Square and George Street.
But Royal Bank of Scotland called in administrators to 29 of WG Mitchell's 75 subsidiaries last year. The firm had grown from a chain of family butchers in Hegarty's native Northern Ireland to include properties throughout the UK.
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Thursday 24 May 2012
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