Losses at Quinn’s healthcare retail firm double to €187k

Losses at the healthcare retail firm owned by self-styled mind guru and controversial businessman Tony Quinn more than doubled to €187,279 in 2010, figures show.

Accounts filed by Tony Quinn Health Centres Ltd to the Companies Office show losses rose 148% from €75,621 to €187,279 in the 12 months to the end of Sep 30, 2010.

The firm sells health food and related products and the abridged accounts — signed off on July 18 2012 — show that the firm’s gross profit decreased by 17% from €2.6m to €2.2m.

Mr Quinn is not a director of the company he founded but the firm is owned by his Jersey Island- based Baringo Trading.

The directors’ report attached to Tony Quinn Health Centres Ltd accounts states that “in common with all companies operating in Ireland in this sector, the company faces strong competition in the market. If the company fails to compete successfully, market share may decline”.

The figures show that the €187,279 loss contributed to accumulated losses of €977,863 at year end. Numbers employed fell from 46 to 38 with wage costs down from €1.36m to €1m. In a ‘significant event since year end’, it states €3.5m of shares were issued to parent company, Baringo Trading. The directors state: “This has the effect to clear the main creditors and thereby return the company to a positive balance sheet at that time.”

The amount owed to trade creditors and accruals stood at €3.5m before the cash injection. The figures show that the retail firm’s operating losses increased four fold from €35,503 to €151,355. Interest payments totalling €35,221 added to the firm’s losses.