Quinn’s health firm losses rise to €285k

Accumulated losses at the healthcare retail firm owned by self-styled mind guru and controversial businessman, Tony Quinn increased by almost €285,000 last year.

Newly filed accounts for Tony Quinn Health Centres Ltd (TQHCL) show that accumulated losses increased from €1.375m to €1.659m in the 12 months to the end of September 2012.

The abridged accounts — signed off on Aug 20 — show that the increase in accumulated losses last year resulted in shareholders’ funds dipping from €2.75m to €2.475m.

Mr Quinn, who now lives in the Bahamas, is not a director of the company he founded but the firm is owned by his Jersey-based vehicle, Baringo Trading. The company operates a chain of outlets across the country. Mr Quinn opened his first store on Dublin’s Eccles Street in 1976.

A note attached to the accounts states that “the directors have a reasonable expectation, having made appropriate enquiries, that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements”.

The figures show that the firm’s cash-pile reduced from €337,872 to €136,602 during the year.

Confirmation of the mounting losses at Mr Quinn’s healthcare firm follow a court ruling, in the Caribbean last year, that found that he was not validly appointed as a director of an oil firm.

Mr Quinn flew by private jet to attend the hearing from his home on Paradise Island on the Bahamas and in the case, Mr Justice Edward Bannister described Mr Quinn as “a highly controversial figure both in the Republic of Ireland and further afield. He runs what he calls Educo seminars, which people are persuaded to attend at very high costs”.

On his educoworld.com website, Mr Quinn says: “In 1971 I introduced yoga to Ireland and it was a nationwide success that still continues today.”

A former Mr Ireland, Mr Quinn also says on the site: “One of my biggest interests is in designing models and structures — for both fun and profit.”