Corrs’ firm continues to make profit
The four-member band has sold 40m albums worldwide, but has not recorded a studio album since 2005 with individual members, including Sharon and Andrea pursuing solo careers and other projects since.
However, new accounts filed by Corrs’ firm, Coppice Ltd, with the Companies Office, show that the firm reduced its accumulated losses by €123,721 from €148,972 to €25,251 in the 12 months to the end of February 28, 2012.
Auditors for the firm, KPMG confirm that the company made a profit in 2012.
The directors of the firm are Sharon, Andrea, Jim and Caroline Corr along with John Hughes who each have a 20% share in the firm.
The directors received €46,479 in aggregate remuneration in 2012 and this followed remuneration of €107,167 in 2011.
The Corrs won one Brit award and were also nominated for Grammys with the Coppice Ltd figures showing that the firm’s cash pile increased from €112,353 to €130,671. The accounts — which are abridged and do not provide a profit and loss account — are signed off by Caroline Corr and John Hughes.
In relation to the company’s going concern status, the filings state that “the directors have undertaken to provide such assistance as is necessary to ensure that the company is able to meet its commitments as they fall due”.
Accounts for a separate firm, Bobby Jean Ltd, where Sharon Corr and her husband, Gavin Bonnar are directors — show it recorded a modest profit of €6,815 in 2012 after recording a loss of €67,165 in 2011.
The profit in the 12 months to the end of May 31, 2012, resulted in the firm’s losses last year reducing from €499,551 to €492,736.
The losses relate to the firm owing €549,517 to its directors at year end.
The Corrs’ last studio album — their fifth — Home was released in 2005. The band’s second compilation album was Dreams: The Ultimate Corrs Collection released in 2006 and continued to chart in 2007.
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