Losses fall at firm behind the Square Tallaght

Losses at the firm that runs the Square shopping centre in Tallaght, Dublin fell by €77,222 to €1.1 million last year. However net liabilities increased by €1.1 million to €17.4 million.

Turnover for Square Management Ltd, which owns the freehold interest in the property, totalled €6.83 million for the year ended September 30th, 2016, up from €6.68 million the previous year. Service charge revenues totalled €5.6 million, largely unchanged on the preceding year, but car park turnover increased to €859,524 from €790,013 previously. Turnover from lettings was €356,300, up from €336,930 in 2015.

Accounts filed at the Companies Registration Office (CRO) recently show the group reported an operating loss from continuing operations of €376,524, down from €441,273 in 2015.

The firm had 16 employees with total staff costs of €930,823 for the year.

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It had a bank loan of €17.78 million, repayable on demand. The company's debts were previously transferred to the National Asset Management Agency (Nama) and in a note in the accounts it says "based on their ongoing support and the company's working relationship with them which includes the continued renewal of their bank facilities and the continued provision of their working capital facilities, the directors have reasonable expectation that Nama will continue to support the company's operations".