Losses increase at Tony Quinn health centres

Losses at the healthcare retail firm owned by self-styled mind guru and controversial businessman Tony Quinn increased by almost €400,000 last year.

According to accounts just filed by Tony Quinn Health Centres Ltd, accumulated losses increased by €398,128 from €977,863 to €1.375 million in the 12 months to the end of September 2011.

The abridged accounts - signed off on December 19th, 2012 - show that the firm received a cash injection during the year of €3.5 million. This resulted in a shareholders' deficit of €342,994 becoming positive shareholder funds totalling €2.75 million.

Mr Quinn, from Dublin and living in the Bahamas, is not a director of the company he founded but the firm is owned by his Jersey Island-based Baringo Trading.

Tony Quinn Health Centres Ltd operates 11 outlets in Dublin, Kilkenny, Galway, Cork and Dundalk. Mr Quinn opened the first store on Dublin's Eccles Street in 1976.

A note attached to the accounts states: "The directors have a reasonable expectation, having made appropriate inquiries, that the company has adequate resources to continue in operational existence for the foreseeable future.

"For this reason, they continue to adopt the going-concern basis in preparing the financial statements."

The figures show that the firm's cash-pile was reduced from €337,872 to €136,602.

Confirmation of the mounting losses at Mr Quinn's firm follows a court ruling in the Caribbean last year that found that he was not validly appointed as a director of an oil firm.

Mr Quinn flew by private jet to attend the hearing from his home on Paradise Island in the Bahamas. Mr Justice Edward Bannister described Mr Quinn as a "highly controversial figure both in the Republic of Ireland and further afield".