LeBruin posts after-tax profit of €301,000 for year to April 2013

Company’s largest creditor is Cathal FitzGerald, former director of Anglo’s wealth management division

Debt-restructuring firm has helped clients restructure 	more than €6.5 billion in debts owed to Nama and the banks.

Debt-restructuring firm has helped clients restructure more than €6.5 billion in debts owed to Nama and the banks.

 

LeBruin Private, the debt-
restructuring firm that has helped clients restructure more than €6.5 billion in debts owed to Nama and the banks since it was set up in 2008 by two former senior executives from Anglo Irish Bank, made an after-tax profit of €301,322 in the year to the end of April 2013.

The company recently reported an after-tax profit of €514,365 for its 2012 year. This compared with a loss of €144,691 for 2011.

The two years of profitable activity have seen the company’s shareholders’ funds go from a deficit of €543,562 to a surplus of €272,135.

The company’s largest creditor by far is shareholder/ director Cathal FitzGerald, a former director of Anglo’s wealth management division. He is owed €1.47 million.

During the 2013 financial year, the company’s second founder, former head of Irish lending with Anglo, Thomas Browne, saw his shareholding fall to zero from 75,480 shares, while Mr FitzGerald’s rose to 125,800 from 50,320.

LeBruin’s senior figures are almost all former Anglo executives.

Mr Browne resigned from Anglo in 2008.