Firm hit by ‘inappropriate’ use of funds

THE coffee shop chain business Insomnia co-owned by RTÉ Dragon, Bobby Kerr was hit by “inappropriate use of funds” totalling over €280,000 in 2009, new accounts reveal.

The exceptional cost of €283,750 contributed to Redcoral Catering Ltd incurring a pre-tax loss of €1.1 million in the 12 months to the end of December 2009.

In filings just made with the Companies Office, a note attached to the accounts discloses a €283,750 exceptional cost relating to the “inappropriate use of funds during the year” in 2009.