Web Summit parent company Manders Terrace’s accounts healthy
Firm majority owned by Patrick Cosgrave show shareholders’ funds of €1.8m
Paddy Cosgrave, the Web Summit’s founder, with Taoiseach Enda Kenny at the RDS in Dublin in 2014. Photograph: Eric Luke
With ticket prices ranging from €625 to €4,725, and a target attendance of 30,000, the upcoming Web Summit in Dublin in November is likely to pull in €20 million or more. However the financial information available for the company behind the summit gives little insight as to the profitability of the event and is not particularly up-to-date.
Abridged, or partial accounts, for a company called Manders Terrace Ltd and its subsidiaries for 2013, the latest year for which it has filed accounts, show shareholders’ funds of €1.8 million at year’s end, of which €492,652 is accumulated profits.
The accounts do not say what profit, or dividend, if any, was taken out during the year. Manders Terrace is owned by Patrick Cosgrave, David Kelly, and Daire Hickey, with the three owning 81 per cent, 12 per cent, and 7 per cent respectively.