Rathdown Motors posts 2012 loss of €1.8 million

Defunct car dealership Rathdown Motors lost €1.8 million in 2012, the culmination of a number of years of poor financial performances which ultimately led it to close its doors at the end of last year.

Results for the period up to last December recorded a post-tax loss of €1,832,770. There was a net current liability balance amounting to €388,184.

Last November the Terenure-based business in south Dublin announced it was to close with the loss of some 20 jobs. A Hyundai dealer, it had also specialised in used vehicles.

Accounts filed to the period ending on December 14th last showed the value of current assets stood at €497,816 compared with €2.56 million in 2011. The directors further committed to realise the best value for assets to discharge outstanding liabilities.

When closing, the company said: “Despite substantial investment in the business and an experienced management team, losses have continued due to the major decline in and continued weakness of the car market.”