Revenues almost halve for timber tycoons

REVENUES almost halved last year at the main holding company of Limerick timber tycoons, the McMahon family, as pre-tax losses at the firm increased by 44% to €6.6 million.

Documents just filed with the Companies Office by Derevoya Holdings Ltd and subsidiaries show revenues at the group declined by 46% from €144 million to €77m to the end of December last.

Derevoya’s main asset is the McMahon Group, Ireland’s largest timber supplier, but the company also holds other investments and property.