Accounts show Vita Cortex group had net losses of €2.3m

Business has agreed strategy with Nama

Firms at Jack Ronan's Vita Cortex group recorded net losses of €2.3 million last year. Returns by the group's holding firm, Vita Five Five Ltd show five of the group's nine firms recorded combined losses of €2.6 million in the 12 months to the end of April, 2013.

Two other firms recorded profits of €251,000 between them, resulting in the net combined post-tax loss of €2.3 million.

A note with the accounts confirms the business has agreed a strategy with Nama to dispose of property assets that have been pledged as loan security.

Vita Five Five Ltd subsidiary, Vita Cortex was involved in a long-running dispute in 2012 when workers staged a five month sit-in at the company’s Cork plant in a row over redundancy payments.

Gordon Deegan

Gordon Deegan

Gordon Deegan is a contributor to The Irish Times