Westlife star’s company in €52,000 loss
But accounts for Shafin Developments Limited, which was set up by Shane and his older brother Finbarr a couple of years ago, show the company has assets of nearly than €4 million.
The company was incorporated in 2004 by Shane and his brother and the board also includes the singer’s wife Gillian and another director, Geraldine Gilroy.
According to the accounts, which cover the year to end June 2005, the company had stocks of €5.7 million and creditors of €1.76m.
However, since the year end, Shafin Developments has completed 100 houses in the village of Dromahair in Co Leitrim, which should push up the value of the company’s assets to around €15m.
Shafin also has total bank borrowings of €4.1m, which is secured against the company’s land at Dromahair, personal guarantees from Shane and charges over life assurance.
A note to the accounts also said that Shane loaned the company €1.48m during the year.
The 26-year-old Sligo-born singer is estimated to have earned close to €10m as part of Westlife.
The band have released seven albums with sales of more than 34 million worldwide.
