Losses at Dunnes property businesses

Three property-related businesses connected with Irish retail giant Dunnes Stores recorded losses in the year to the end of January 2015, according to accounts filed recently in the companies office.

Abridged financial statements for Edward Lee & Co, a shopping centre-letting subsidiary of the retailer, show it made a loss of €876,654 in the 12-month period, compared with a deficit of €114,611 in the previous year.

This left the company with accumulated losses of €2.4 million at year end.

The shareholders’ deficit at year end amounted to €1.4 million.

A note to the accounts states that revenue is derived from the letting of property.

Meanwhile, a related company called Bests Stores Ltd recorded a loss of €197,078 for the same financial year.

At year end the property- holding company had shareholders’ funds of €6.1 million and was owed €869,117 by other units within Dunnes.

Cassidy’s Ltd, a company with investments in both Edward Lee and Bests Stores, recorded a loss of €27,001 in the year to the end of January 2015.

The company paid a dividend of €98,808 to another group entity, leaving it with shareholders’ funds of just under €1.5 million. It owed €2.4 million to other companies within the Dunnes group at year end.

Frank Dunne and his sister Margaret Heffernan are listed as the shareholders in each of these companies.