Brosnan bloodstock posts loss of €2m due to heavy cost provisions

The bloodstock business co-owned by well-known businessman, Denis Brosnan posted a pre-tax loss of just over €2m as a result of exceptional costs.

Brosnan bloodstock posts loss of €2m due to heavy cost provisions

The bloodstock business co-owned by well-known businessman, Denis Brosnan posted a pre-tax loss of just over €2m as a result of exceptional costs.

New accounts filed by Mr Brosnan’s Epona Bloodstock Ltd cover the financial year for the 12 months to the end of June.

They show that a provision of €2.1m relating to a separate firm, Epona Management Ltd, wiped out potential profits at Epona Bloodstock.

The loss was as a result of the exceptional costs and follows a number of years of profits at the business.

In 2017, Epona Bloodstock posted a profit of €273,360.

It also made profits of €362,241 and €602,912 in its two previous financial years.

Epona Bloodstock is the firm that operates the 270-acre Croom House Stud farm in west Limerick.

Croom House is the property of the former Kerry Group chief executive Denis Brosnan who along with Joan Brosnan purchased the house and lands in 1986.

They restored the stables and yards and brought their own thoroughbred horses onto the property.

The accounts show that revenues at the business last year increased slightly to just over €4m from €3.9m.

Over half of its revenues, or €2.1m, were generated in the UK, and over €1.9m was generated here.

The bulk of the firm’s revenues - 88% - was generated from bloodstock sales.

A breakdown shows “livestock” sales produced €168,116 in revenues.

Some €267,667 was produced from administrative services and €35,824 was generated from the “keep of mares”.

There was over €14,290 generated from other “sundry” activities.

The accounts show that there were 13 people working in the business last year, with staff costs amounting to €638,768.

Payments to directors totalled €94,249.

The loss last year also takes account of non-cash depreciation costs of €111,635.

The loss last year also resulted in accumulated profits falling from almost €4.5m to under €2.4.

Five members of the Brosnan family sit on the board.

The accounts show that Mr Brosnan ploughed €258,100 into the business last year.

The business already owed him €329,171 and repaid Mr Brosnan €613,922 during the year.

more courts articles

Man (25) in court charged with murdering his father and attempted murder of mother Man (25) in court charged with murdering his father and attempted murder of mother
Man appears in court charged with false imprisonment of woman in van Man appears in court charged with false imprisonment of woman in van
Man in court over alleged false imprisonment of woman Man in court over alleged false imprisonment of woman

More in this section

FILE PHOTO The Competition and Consumer Protection Commission has cleared the purchase of Goodbody Stockbrokers by AIB END Goodbody Stockbrokers fined over €1.2m by Central Bank over rules breaches
Nottingham City Centre Stock Irish staff at the Body Shop wait for wages as retailer shuts stores in the Republic
Ryanair comments on Norwegian Ryanair boss O'Leary's spat with Transport Minister over Dublin Airport escalates
IE logo
Devices


UNLIMITED ACCESS TO THE IRISH EXAMINER FOR TEAMS AND ORGANISATIONS
FIND OUT MORE

The Business Hub
Newsletter

News and analysis on business, money and jobs from Munster and beyond by our expert team of business writers.

Sign up
ie logo
Puzzles Logo

Play digital puzzles like crosswords, sudoku and a variety of word games including the popular Word Wheel

Lunchtime News
Newsletter

Keep up with the stories of the day with our lunchtime news wrap.

Sign up
Cookie Policy Privacy Policy Brand Safety FAQ Help Contact Us Terms and Conditions

© Examiner Echo Group Limited