By: Michael O’Farrell
and Gerard Couzins.
IRISH cycling hero Stephen Roche has been accused of acting fraudulently by creditors owed hundreds of thousands of euro in Spain.
But in an exclusive interview with the Irish Mail on Sunday, an emotional Mr Roche acknowledged the debts (some €600,000, he believes), denies he had gone on the run and pledges to find a way to settle his liabilities.
Mr Roche struggled to hold back tears, telling the MOS he felt he had let down friends and family who have tried to help with his financial problems.
‘I have been very upfront with the people I owe money to,’ he said. ‘When I hear I’ve run away or I’m trying to get away without paying, that’s not me. That’s not me. Never.’
However, Mr Roche who won the Tour de France in 1987 – confirmed that his cycling tourism business in Mallorca is in grave difficulty.
At present, those wishing to make a booking on his website – – are redirected to another site called According to Mr Roche himself, his business now owes in the region of €600,000 to various creditors – much of this dating back to 2017.
The first public indication that something was amiss came on March 1 when one creditor – travel firm World Spry Services – petitioned the courts to open a criminal investigation into Mr Roche and his Spanish firm, Shamrock Events SL.
World Spry Services was owed in excess of €30,000 for organising the transfer of cyclists from around the world who had booked holidays in Mallorca via Mr Roche’s site.
Amid accusations of fraud and the concealment of assets, Mr Roche managed to settle that case which was dropped when he paid the money owed in mid-March.
However, on March 20 the owners of two hotels in Mallorca filed a separate case over unpaid debts of €392,446.
This case – being taken by the Ponent Mar Hotel and the Hotel Son Caliu – is seeking to have Mr Roche’s firm declared bankrupt and put into enforced liquidation.
The case highlights concerns about the potentially reckless manner in which Mr Roche’s firm continued trading in recent times – to the detriment of those who remain unpaid. Further concerns raised in court include Mr Roche’s continued absence from Mallorca and whether or not he is deliberately seeking to evade his creditors.
Under Spanish law, Mr Roche’s creditors could be granted leave to pursue his personal assets if the courts conclude that fraudulent or reckless trading has taken place.
Last night the lawyer acting for the Ponent Mar Hotel – Jose Luis Lopez Morey – said: ‘I anticipate the judge will appoint a bankruptcy administrator in a very short space of time with all the consequences that carries.’ However, Mr Roche told the MOS he is determined to clear his debts.
He hopes to do so by selling a French investment property and via new cycling projects he is currently negotiating in Switzerland and Hungary.
‘Going back with my hands empty is not going to do anything,’ he said. ‘If I can get something together and I go back and pay all my bills, I can keep things going.’ ‘The hardest part is I have always been straight up and honest with people I owe money to and the hardest part was to accept their reaction,’ he went on.
‘I’ve been in contact with them. I’ve sent them emails about my plans, saying: “I can pay you so much a month for the next number of months.”‘ Mr Roche said he had considered bankruptcy but ruled it out because morally he wanted to put things right by repaying his debts. ‘I’ve thought of it (bankruptcy) – but no. Because the people who have helped me are going to lose out.’ The company that is now servicing Mr Roche’s previous cycling clients, VIP Cycling, is owned by a friend of Roche’s – German former professional cyclist, Guido Eickelbeck.
Speaking to the MOS, Mr Eickelbeck said he was a good friend of Mr Roche and had considered a partnership before the extent of his company’s financial problems emerged.
‘What we did in the end of the day is we just show the people that we are separate to Stephen Roche but we can do the same job as Stephen Roche,’ he said.
‘We get the clients – the clients have another option and the guests come to the right hands.’ Mr Eickelbeck said Mr Roche was ‘trying very hard to come back – but when you have problems nothing works.’ ‘I have already crossed my fingers for him many times,’ he said.
