Faxhill moves further into red

A construction and hotel group plunged further into the red last year after incurring write-downs totalling €10.9m.

According to new accounts filed by Faxhill Homes Ltd, the firm recorded a pre-tax loss of €14.69m in the 12 months to the end of October last after recording a loss of €44.7m in 2011.

Revenues at Faxhill Homes — which hit the headlines over a decade ago after building an extension to the home of independent Tipperary TD Michael Lowry — last year increased by 8% from €10.6m to €11.5m.