Retail group enters the red

Impairment charges and reorganisation costs last year pushed the Co Kerry based Garvey retail and hotel group into the red.

New figures show that the family-owned business sustained a pre-tax loss of €1m last year after recording a pre-tax profit of €504,871 in 2010.

The Garvey-owned group operates across Munster in Kerry, Limerick, Waterford and Cork, and the new filings show that the group recorded the loss after impairment charges of €2m and reorganisation costs totalling €417,663.