Tuesday 12 April 2011

Ciaran Maguire Group takes over Praia de Cabral Resort

We've had further communication from Ciaran Maguire relating to the Palm View Resort development on Boa Vista in Cape Verde. It has once again become a topic of some interest, principally because of the adverts being run by the group on TV3 at the moment - see here.

First Email:

"I am writing to you regarding your blogs on the overseas café I see from your posts that you have not made any comments recently. Since your last posts there have been huge changes with the development and a lot has been turned around. I am not asking you to take anything down but someone in your field should be conveying a balanced view on the status of Palm View in Cape Verde. The fact remains and you can check this by independent lawyers and lawyers representing the clients that we are on schedule for completion in December 2011. In November this year we open our new reservations centre in Dublin creating 27 new positions, this is surely news that is worth publishing instead of the doom and gloom we are constantly bombarded with on the news.

With the progress been made with Palm View it has allowed us to work with all Palm View clients including cancelled clients to ensure that their investment comes to fruition. I have dozens of pictures from site, land title documents, planning permission documentation etc but you still harbor the outdated negative story. I will forward on Pictures from site so you can see the progress, or feel free to check the company blog pages for updates.

We have turned things around and would request at least a balanced reflection on Palm View. I trust you understand my point of view. I simply ask that the information being hosted is updated to reflect the current state of affairs.

I have attached relevant documentation as to ensure a fair reflection.

As has been mentioned to you before in various emails from Ciarán himself, we welcome any calls to our office for further information.


Colm Quinn

Sales Manager."

Note: Two attachments were received, which appear to be a title document and planning permission for the Praia de Cabral Resort. We're not experts on legal documentation in Cape Verde, but they look genuine. If anybody wishes to see them just email us at info@overseascafe.com and we'll send on a copy.


Ciaran / Colm,

Many thanks for the information you sent last week. We are looking for you to clarify a few points detailed below.

Firstly the title deed appears to be for Praia de Cabral Resort, whoever owns that, but there's nothing anywhere to state that it's owned by Ciaran or CMG.

Secondly, everything is dated 2006, which was before CMG even existed, so it is presumably the planning consent for Praia de Cabral Resort as well, with the same query as above.

It's all in Portuguese obviously so we have no idea what it says specifically, a translation would be great ideally.

The main question is obviously what is the relationship between the Praia de Cabral Resort, Ciaran Maguire Group and Palm View Resort?

We look forward to hearing from you.

The OC Team.

CMG Reply:

I can confirm that Ciaran Maguire Group has acquired the shares of Praia de Cabral Resorts. An agreement was signed, final quarter of last year. The company PCR has full title and full planning but had stopped works 18 months ago due to the lack of sales and economic climate.

The Ciaran Maguire Group were constantly enduring frustrations in its previous locations, we had been given assurances from SDTIBM of certain infrastructure works being implemented on site as to allow us to make real progress with construction on site. The infrastructure works were delayed on 3 separate occasions and although Palm View Resort had outline planning permission for the site in Chaves, it required full detailed planning to release our credit facility, this was another instance were we experienced delays from SDTIBM despite being given the relevant assurances at contract stage.

Cape Verde is a beautiful country and ultimately the investors in Palm View will reap their rewards but as someone who has the responsibility to ensure their investment matures, it is very difficult to do business in Cape Verde as the islands are still at an infancy stage. Having evaluated the situation and after several high level meetings with the primary objective to ensure Palm View clients got their apartments this year, I took the decision to, for the time being to park the project in Chaves and move ahead with the share acquisition of PCR. I have since held events in Dublin, London and Manchester and met with all of my Palm View investors to inform them of the decision.

I can say that the Palm View clients were very excited that their apartments will be ready this coming December and have successfully migrated the clients onto the new scheme. I informed the clients and supported it with relevant documentation to outline that although the previous scheme was Creola Sands, the new scheme has been completely redesigned to replicate the previous Palm View and we are currently in the process of adding to the existing structure that exists. It is also important to highlight that there is a new B.O.Q in place and the specifications for the new Palm View are exactly the same.

I have also structured a new finance package for Palm View that offers 100% finance with No money down. It's the first of its type available in the current market. I am also very proud to say that we will opening a new reservations centre for Palm View in City West in November and will be creating 27 new positions.

At this stage, I am in a position of "your damned if you do and your damned if you don't" I just want to get on now and build Palm View, I now see that Diarmaid (Condon) is ensuring that old news does not go away by providing anyone who is interested with the links of the blogs that harbor outdated information. There are 4 or 5 new blogs that say very positive things about Palm View but needless to say there not mentioned.

I am not going to get involved in any mudslinging as my only objective now is to just get on and complete Palm View by December, but journalists and editors have to take a level of responsibility for the country being in this situation but the real concern is that with the negative attitude of our journalists and how they are reporting I believe it will ensure that this Country takes a lot longer to get out of this situation than it actually should.

As an entrepreneur based in Dublin, I can tell you my biggest obstacle is the Irish press. I have the finance, I have full title, full planning, I have the clients and yet my biggest obstacle is being allowed to just get on with things with certain people wanting to ensure that its not ok to come through a difficult period and be successful, I think that there is something really wrong with that picture and our entrepreneurs in this Country will probably never go on to realize their full potential due to the nature of the reporting carried out in this country, It is sad, but there you go.

I have attached a standard purchase contract for your perusal. We unfortunately don't have translations but all clients lawyers who have carried out their due diligence will verify that everything is in place.

Ciarán Maguire
Chairman & President
CastleBaggot House,
Dublin 22.
Ph: +353 1 6251544
web: www.ciaranmaguiregroup.com

End of Communication.

Note: The purchase contract for Praia de Cabral Resorts mentioned above was received. Again, if you wish to see a copy just email us at info@overseascafe.com and we'll send on a copy, or you can contact CMG directly.

We're taking Ciaran at his word that his company owns the site in question and is building on it. Photos received would seem to indicate that there is work in progress, but we've not seen proof that CMG does, in fact, own the development apart from the fact that the contract states that it is for Palm View Resort but is being sold on a contract for Praia de Cabral Resorts which is presumably due to the aforementioned purchase of the shares in the resort.

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