Families face losing homes and €250,000 in deposits as Rathmolyon estate developer moves to liquidate company

Five years after paying hefty deposits, families in Rathmolyon’s Ringfort estate face the threat of losing out entirely, as the developer moves to liquidate the company behind the project. The collapse could leave up to five families out of pocket by more than €250,000 collectively in deposits and upgrades, with no homes to show for it.

Meathamatic Ltd, the company controlled by businessman Joe Elias held a meeting for creditors earlier today; however buyers remain left in the dark over the future of the estate, and their position remains unclear. The move has left 16 largely completed homes in legal and financial limbo, prolonging uncertainty for buyers who first signed up more than five years ago.

When the Ringfort Estate launched in 2020, 16 off-plan homes were offered for sale, priced between €275,000 and €300,000. Although 15 units went sale-agreed with contracts completed and deposits secured the buyers have remained shut out for five years, as Meathamatic claimed soaring building costs left the development in financial distress.

Of the 15 couples and families who originally signed contracts, only five are still involved. Many had to walk away due to the ongoing stress and uncertainty, and some had already invested significant money in upgrades to the houses.

Now, even though the houses are finished and connected to utilities they are still waiting for their keys families now fear losing the homes they have invested in.

One of the affected buyers, Elma Beirne, said that what began as a dream of home ownership for her and her husband John has turned into “six years of heartbreak and frustration.”

“It felt like the start of a new chapter a chance to put down roots, raise our children, and finally have a place to call our own. Instead, we’ve spent the better part of six years paying rent, storing furniture, and living with a constant sense of uncertainty,” said Elma.

The family paid a €5,000 booking deposit in October 2020 and a further €24,500 early the following year for a four bedroom home worth €295,000 of the plans.

They signed contracts in July 2021 and were told their home would be ready by December 2022. That never happened. Elma and John have a 19-month-old toddler and are expecting their second child, yet they remain locked out of their completed home

“We were never warned the project was in jeopardy. We believed, as any buyer would, that the developer was doing everything in his power to deliver our homes, “ said Elma.

By early 2023, buyers were told they would each need to pay an extra €60,000 to make the project viable. They refused.

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Soon after, a company called Spudmuckers Ltd, owned by Joe Elias repaid the development’s original HBFI loan and became lender to Meathamatic Ltd. Within months, Spudmuckers had appointed receivers, effectively taking control of the site.

After months of talks with the receivers Interpath Advisory, five families agreed in May 2024 to pay an additional €26,000 each to get their homes finished.

“We accepted and signed, believing the end was near. By late 2024 every house on the site was structurally complete. The lights were on, the utilities connected. All that remained were the roads and landscaping.”

But no contracts were issued and, instead, residents recently learned that there are being moves made to wind up Meathamatic Ltd.

“The financial and emotional toll has been immense,” said Elma. “We’ve spent over €50,000 in rent since 2020, not to mention storage costs and lost savings. One family from our group was evicted from their rental home earlier this year and is now living in a single bedroom with their young child.

“We live less than 200 yards from the site. Every time we pass it, every time we walk past the home we were supposed to live in years ago, we feel a mix of heartbreak and anger.”

“Our contracts are binding. Our payments are made. The homes are built. Yet, because of corporate manipulation and a system that allows developers to protect themselves first, we’re still waiting. Our home is built. The lights are on. But five years later, the door is still locked and now we’re facing into our sixth Christmas waiting to move in.”

The Ringfort development, led by Meathamatic Ltd and built by MDS Construction, has been beset by delays, financial disputes, and corporate restructuring since 2021.

The Ringfort residents are demanding accountability and transparency from all parties involved in the stalled development.

They are calling on the Revenue Commissioners to pursue any outstanding tax liabilities and Help-to-Buy repayments, the Corporate Enforcement Authority to scrutinise the receivership and liquidation process, and both the Department of Housing and Meath County Council to step in to ensure that their contracts are honoured and the homes are finally completed.

An article in The Currency last week reported that an investment company controlled by Joe Elias, Spudmuckers Ltd, is owed between €5 million and €7 million in relation to the Ringfort project. The report stated that Meathamatic Ltd had agreed to sell the majority of homes in the estate in 2021, but soaring construction costs created a significant gap between the agreed sale prices and the amount needed to finish the development. In early 2023, Meathamatic wrote to purchasers seeking an additional €60,000 per home to make the project viable but could not reach agreement with all buyers.

Interpath Advisory were appointed receivers in 2023 on foot of a debt owed to Spudmuckers, which then stood at around €4.5 million. Following this, Elias is understood to have offered to refund buyers their deposits, with a number accepting. Five families, however, did not accept the offer.

The Currency also reported that Elias remains willing to refund the deposits from his personal resources, outside the liquidation process.