Directors in Barry sell shares to firm

TWO directors of cash-and-carry company James A Barry have sold their shareholdings in the business back to the firm for almost €4m.

And sales at the Mallow-based firm increased by 8% to €185.5m in 2003, according to accounts for the year to the end of January 2003, which have been lodged with the Companies Registration Offices.

The accounts show that directors Kevin Barry and Paul Barry resigned in October of 2002 and sold their shares to the company. They were each paid €1,999,488 for their shareholdings. They were paid €1,249.68 per share for their respective shareholdings of 1,600 and the shares were cancelled.

The remaining three directors James A Barry, Pauline Barry and Jim Barry, all have equal shareholdings, standing at 1,600 each.

The accounts show that operating profits jumped from €2.7m to €2.82m. However, profits before tax fell significantly to just €814,531 from €2.7m a year earlier because of once-off exceptional write-offs of €2m.

A note in the accounts explains that the exceptional write-off arose from the disposal of five retail shops by the company.

"The loss associated with this exercise amounted to €1,748,335. The company purchased some of its own shares during the year. These shares were cancelled.

The legal, professional and consultancy costs associated with this exercise amounted to €266,034. By virtue of the size and incidence of these charges, we consider them to be exceptional items as defined by FR3 and accordingly, are highlighted in order to give a true and fair view," the accounts state.

The accounts also show that the figures assigned in the company's assets to "shops" fell from €8.6m in 2002 to €2.4m in 2003.

The accounts show that directors were paid €239,289 in remuneration and other emoluments in 2003, down from €314,300 a year earlier.

Directors' pension contributions jumped to €181,224 from €42,017.