Gowan Group losses reach €50m

THE Gowan Group, one of the largest family-owned businesses in Ireland, reported pre-tax losses of more than €50 million in 2008 compared with a profit of €2.6m in the previous year.

The company paid out €1.7m in dividends on ordinary shares as turnover fell from €351m to €258m. Gross profit plunged from €40m in 2007 to €6.4m, according to accounts just filed by the company.

The Gowan Group, which holds the Irish franchise for Peugeot, is one of the country’s biggest motor distributors. It also owns a home appliances distributor and Senator Windows.