Boyzone company losses fell in 2011

LOSSES AT a company controlled by Boyzone band members more than halved last year to €75,448.

Abridged accounts filed by Lunaria Ltd show that losses fell by 59 per cent last year from €185,307 in the year to the end of August 31st, 2010.

The directors are listed as Ronan Keating, Keith Duffy, Mickey Graham and Shane Lynch.

The accounts filed show that the estate of band member Stephen Gately – who died in 2009 – retains a 20 per cent shareholding in the company.

Last year, the remaining members of Boyzone paid tribute to Gately by staging the 25-date “Brother” tour. Billboard estimated that Boyzone generated €7.5 million from the British and Irish gig dates.

The figures for Lunaria – signed off by Mr Duffy and Mr Graham – show that its cash reduced sharply during the year from €515,789 to €130,220.

Last year’s loss reduced the firm’s shareholder funds from €133,690 to €58,242.

According to the accounts, “the shareholders have confirmed that they will continue to provide the company with the financial support necessary for it to meet its obligations as they fall due for at least 12 months following the date of signing of these financial statement”.

As it is a small firm, Lunaria is not required to disclose revenues and payments – if any – to directors and shareholders.

Boyzone was formed in 1993 after pop manager Louis Walsh advertised for members for a boy band. The band released three studio albums before breaking up in 2000. It was re-formed in 2007.