Clohessy company slips further into red

The company that operates the well-known Limerick entertainment venue co-owned by former Irish rugby star Peter Clohessy slipped further into the red last year, new figures show.

New filings with the Companies Office show that Clohessy’s Bar Limerick Ltd’s accumulated losses increased from €320,714 to €323,644 in the 12 months to end of Aug 31, 2011.

However, the losses have narrowed sharply compared with 2010 when the firm’s accumulated losses increased by €38,876 from €281,838 to €320,714.

The 2011 figures show, however, that when non-cash depreciation and asset write-downs costs of €92,007 are taken into account, the firm recorded a cash profit last year of €89,074.

Former Irish rugby international, capped 54 times, Mr Clohessy opened the pub in 2001 and co-owns the business alongside a number of Cork-based investors.

The accounts are abridged and only provide limited information on the performance of the company, omitting revenue figures and any dividend payments that may have been paid.

The accounts show that the shareholders’ deficit last year increased from €310,711 to €313,644.

The figures show that the amounts owed to the company’s creditors increased from €1.1m to €1.3m with the company’s net current liabilities increasing from €310,711 to €313,644.

Mr Clohessy is one of six directors for the company, with the remainder of the directors all coming from Cork. They are Tom O’Riordan of Compass Hill, Kinsale; John Gaffney of Ballyleigh, Waterfall; Barry Harte of Parochial House, Timoleague; Tom Kingston of Corran, Waterfall; and Brian Smith of Springfort, Montenotte.

Mr Clohessy was unavailable for comment yesterday.