Grealish firm had losses over €150,000

A COMPANY owned by re-elected Galway West Independent TD Noel Grealish recorded losses of more than €150,000 last year and has entered agreements with the Revenue over tax debts.

The losses of €151,490 in the year to the end of March 2010 at glass company GGC Galway Glass Centre Ltd come on the back of losses of €81,663 the previous year.

The losses are revealed in abridged accounts just filed with the Companies Office.

Mr Grealish has a 100 per cent shareholding in Galway Glass Centre, and the only other director is his brother Michael.

The company accounts show the firm had accumulated losses of €202,834 at the end of March 2010. The former leader of the Progressive Democrats was re-elected in Galway West last week.

According to the directors’ statement in the accounts, the company has entered into agreements with the Revenue Commissioners and various suppliers in relation to outstanding debts.

They confirm the company “has put cost-cutting measures in place to reduce overheads into the future”. The directors’ report states: “The company has acquired work from contractors post [fiscal] year [end], which will help achieve a turnover level which will ensure that it is in a position to fulfil its financial obligations.”

Mr Grealish and his brother Michael state: “We are willing to support the company for the foreseeable future, utilising all financial and non-financial resources at our disposal.

“Even though the company has sustained losses and has a deficiency in its current assets, we feel that it is appropriate to prepare the accounts on a going concern basis.”

The company owed Noel Grealish €45,627 at the end of March last, and also had an outstanding bank loan of €157,488.

Mr Grealish owns the 8,800 sq ft commercial unit at Briarhill business park where the Galway Glass Centre business is based. The TD received €47,853 in rent from the company last year.

The current Oireachtas register of interests states Mr Grealish receives occupational income from his role as a company director of GGC Galway Glass Centre.

The register also records that he owns 15 acres of farmland at Carnmore, Oranmore; an apartment which serves as a holiday home at Canet, France, along with the commercial unit at Briarhill Business Park.

Mr Grealish did not return telephone calls on the matter yesterday.