Cash and debt rise at Web Summit firm ahead of Lisbon move

Employment costs in 2014 doubled at Manders Terrace as directors’ pay fell by €79,000

Paddy Cosgrave,   Web Summit cheif executive, with deputy prime minister of Portugal Paulo Portas:  Manders Terrace, which also backs other events related to the Web Summit, owed €2.4 million to its creditors on December 31st, 2014, up from just shy of €660,000 a year earlier. Photograph: Stephen McCarthy/Sportsfile/Web Summit

Paddy Cosgrave, Web Summit cheif executive, with deputy prime minister of Portugal Paulo Portas: Manders Terrace, which also backs other events related to the Web Summit, owed €2.4 million to its creditors on December 31st, 2014, up from just shy of €660,000 a year earlier. Photograph: Stephen McCarthy/Sportsfile/Web Summit

 

Manders Terrace, the company behind the Web Summit, saw both its cash balances and debts climb in 2014, according to newly filed accounts.

The documents, lodged with the Companies Office just before Christmas, show that the firm had cash of €2.5 million at the close of 2014, which was up from €1.1 million 12 months previously. It was owed a further €1 million at the same point, compared to €316,500 at the end of 2013, but this was accompanied by a rise in the company’s own debts.

Manders Terrace, which also backs other events related to the Web Summit, owed €2.4 million to its creditors on December 31st, 2014, up from just shy of €660,000 a year earlier. Shareholders’ funds at the end of 2014 were €1.5 million, down from almost €1.9 million in 2013.

The company’s three directors are Paddy Cosgrave, Daire Hickey and David Kelly. Its average monthly number of employees in addition to the directors in 2014 was 66, up from 37 the previous year. This saw employment costs almost doubling from €1.7 million to €3.3 million but, despite the increase, directors’ pay fell from €368,283 to €288,814 over the same period.

The annual Web Summit event has relocated to Lisbon from Dublin for its next three outings, having received a €1.3 million commitment from the Portuguese government.