Horse trainer Noel Meade’s company sees profit decline

DARRAGH McDONAGH

A company owned by leading Irish horse trainer Noel Meade, declared accumulated profits of over €1.2 million last year, according to ccounts just filed with the Companies Office.

Noel Meade Horse Trainer Limited, which is based at “Tu Va” Stables in Castletown, Co Meath, also had a cash pile of €631,194 at the end of 2014 and tangible assets worth €159,979.

The eight-time Irish champion trainer owns 99 per cent of the company and is listed as one of its directors, along with Mary Taaffe and his wife, Derville Hoey, whom he married earlier this year.

The firm’s accumulated profits of €1,208,606 for the 12 months to 31 December 2014 represent a decrease of €90,327 since the previous year. The company was owed €522,565 from debtors, while €110,032 was payable to its creditors.

Meade (64) began training horses in 1971 and has five national hunt trainer titles in addition to this eight Irish champion trainer wins. He married Derville Hoey (44) in Bellewstown, Co Meath in February.

Noel Meade Horse Trainer Limited employed 23 people last year, according to the company’s financial statements. Salaries and social welfare costs in respect of these amounted to €685,499. The firm’s directors were paid €88,000.

The trainer also owns a second company, Noel Meade Racing Limited, which reported accumulated profits of €18,099 in 2013 and a cash balance of €78,774; according to its most recent accounts.