Parent group of Pamela Scott records heavy losses
Flairline Fashions recorded a loss of €11.6 million last year
Flairline Fashions, the parent company of the Pamela Scott chain of boutiques, recorded a loss of €11.6 million last year, according to accounts recently filed.
The group, owned by the Barron family, saw its sales decline by more than €4 million to €24.1 million. It made an operating loss of just over €2.6 million. The losses were aggravated by a writedown in the value of its assets of more than €8 million.
Earlier this year, 12 Pamela Scott stores entered examinership, exiting the process in May after investment by the Barrons. The accounts indicate that it cost the group more than €350,000 to put the stores into examinership.
Flairline, which also operates the Richard Allen chain of outlets, employed about 273 staff at the end of 2012, according to the accounts. The six directors – Seán and Michaela Barron and their four children – shared directors’ fees of more than €940,000, the accounts state.
In the directors’ report, they describe the Pamela Scott examinership as having helped “right size” the company’s cost base: “Group assets were sold and shareholders lent funds to the group. This allowed the company to right size its costs, particularly around rents and also to right size its debts.” The directors said this had given the company a “sustainable future”.