好色先生TV

Irish contractor McCabe, which is building a 拢110m tower in east London, has been bailed out by an Indian entrepreneur.

The Dublin-based firm, which has an office in London, ran out of credit with its troubled bank, Anglo Irish.

But Western Gulf Advisory (WGA), a Bahrain-based investment company owned by Ahsan Ali, stepped in with 拢200m to pay off the firm鈥檚 debts and 拢100m for liquidity.

The 拢200m is a loan that will be repaid at a rate of 2.7%, while the 拢100m is in exchange for a 50% stake in McCabe, although Ali will be a hands-off owner.

He said: 鈥淛ohn McCabe [McCabe鈥檚 founder and managing director] has very nice experience in construction and development. I don鈥檛 know anything about construction, so I will allow him to cook his own dish and I will provide the ingredients.

鈥淚 am looking at other construction firms in the UK, but it鈥檚 premature to name them.鈥�

McCabe, a 拢100m-turnover contractor with 200 employees, will use the cash to pay its subcontractors and suppliers.

Its UK projects include the 拢58m Eagle House tower and a 拢110m, 27-storey residential tower on City Road, both in east London.

Ali was introduced to John McCabe through a mutual friend. Representatives from McCabe then travelled to Bahrain to make their pitch.

John McCabe said: 鈥淪oon after we approached WGA, it became apparent that they saw the long-term potential of our business and we both saw the benefits of a partnership.鈥�

Ali owns 100% of WGA and uses his family鈥檚 money to make investments. The firm鈥檚 total assets are $8bn. Ali said: 鈥淲e play with our own money. Not one penny is from outside.鈥�