Coolmore-linked firm pays €1.4m dividends

A COMPANY connected to the Coolmore Stud farm operation paid out over €1.4 million in dividends to shareholders last year.

The payment by Leisure Holdings (Ireland) is up 75% on 2004. The business is owned by John Magnier, JP McManus, Mr Brosnan, Edward Irwin, Eamonn McElroy, Denis McCarthy and Owen McGartoll.

It receives income from stallion nominations owned by Coolmore. Its income fell because of the deaths of leading thoroughbreds including Danehill, whose offspring included Rock of Gibraltar.

In the year to end September 2005, turnover from stallion nominations fell to under €500,000 from €742,052 in 2004. Pre-tax profits slipped from €690,540 to €472,141.

But the company said it remains in strong financial health. Even after paying €1.4m dividends, the firm still had shareholders’ funds of €7.6m. In the past three years, over €10m has been paid in dividends.

A note to the accounts said the company is owed €8.7m by a connected firm called Delvard. Delvard used the loan to acquire shares in Next Generation Clubs.

Next Generation is 60% owned by Mr Magnier, Mr McManus, Mr Tabor and Dermot Desmond. The fitness chain is up for sale and could net the Irish investors €180m.