In 2018, Stephen Garvey and Justin Bickle raised €879 million from investors and set about buying up Irish property in order to build homes. They called the company Glenveagh. Initially, Glenveagh was led by Justin Bickle. He stepped down in 2019 and was replaced by Stephen Garvey.  Stephen Garvey offered Glenveagh shareholders a target return. He aimed for a return on equity of 15 per cent. So, based on shareholders’ investment of about €879 million, he was targeting about €132 million in after tax profit. Is a 15 per cent return on equity reasonable? It’s about average for the industry. US…

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