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Dunnes Stores Property Businesses Record Losses

Three property-related businesses connected to Dunnes Stores recorded losses in the year ending January 2015, reports the Irish Times.

The abridged financial statements for the retailer’s shopping centre-letting subsidiary, Edward Lee & Co, reveals that it made a loss of €876,654, compared with a deficit of €114,611 in the previous year.

The company accumulated losses of €2.4 million by year end, while its shareholders’ deficit was €1.4 million, the Irish Times has revealed.

A related company named Bests Stores Ltd also recorded a loss of €197,078 for the same financial year. At the end of the year, the property-holding company recorded shareholders’ funds of €6.1 million, while it was owed €869,117 by other companies within Dunnes.

Finally, Cassidy’s Ltd, which has investments in the two other companies, recorded a loss of €27,001 in the year ending of January 2015.

It paid a dividend of €98,808 to another group entity, leaving it with shareholders’ funds of just under €1.5 million, and also ended the year owing €2.4 million to other units within the Dunnes group.

© 2016 - Checkout Magazine by Jenny Whelan.

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