Star’s property firm Shafin reports loss

A PROPERTY company owned by Westlife singer, Shane Filan made a loss of €6,805 last year.

This follows profits of €30,000 in the previous year. Accounts just filed for Shafin Developments Ltd at the Companies Registration Office showed the loss in the year to the end-June 2007.

This is the second year in the last three that the firm has reported a loss.

In the year to the end of June 2005 it reported a loss of €52,463.

Earlier this year, Shafin, set up by Shane and his brother Finbarr three years ago was given the go-ahead for the development of a block of apartments in Sligo.

Planning permission for the scheme was approved by Sligo Borough Council despite residents’ objections.

In the year to the end of June 2007 the company had stocks of €6.8 million down from €8.4m the previous year.

Total bank borrowings at the end of the period were €5.7m, down from €6.6m in the previous year. These loans are secured against the assets, its land in Dromahair and personal guarantees. The accounts note the company incurred a loss in the period adding that it is in a net liability situation at the year end.