Beacon Medical Group has said its commitment to build three new Irish hospitals has not wavered.

The developer's pledge to progress the schemes in Limerick, Cork and at Beaumont Hospital in Dublin comes as reports suggest the projects could be in doubt.

It is believed the group is still in talks with the US-based University of Pittsburgh Medical Centre (UPMC) to secure €66m in investment.

However, it has been reported that UPMC examined the development group's accounts, which allegedly detail a €8.8m loss in the 12 month proceeding August 2007.

-- Advertisement --

However, Pauline Cullen, Beacon's commercial director, said the group's performance has improved since the period highlighted in the accounts.

She said that the group is on solid footing with lenders AIB and Ulster Bank.

UPMC, a €5bn non-profit organisation, already has a stake in 20 hospitals.

An investment by the organisation into Beacon's scheme would provide a 60% stake in Dublin's Sandyford hospital, along with the possibility of 40% shares in the three other schemes.

Last month, planning permission was agreed on €250m proposals for a hospital construction project at Cork University Hospital.

Permission has also been granted for for the two other schemes at Mid-West Regional Hospital and Beaumont Hospital.

Around 1,820 building jobs are expected to be created by the projects.

(PR/JM)