Vita Cortex firms record net losses of €2.3m

Firms at Jack Ronan’s Vita Cortex group recorded net losses of €2.3 million last year, new figures show.

Returns made by the group’s holding firm, Vita Five Five Ltd, show that five of the group’s nine firms recorded combined losses of €2.6m in the 12 months to the end of April 30, 2013.

Two firms also recorded combined profits of €251,000 resulting in the net combined post-tax loss of €2.3m.

A note attached to the accounts confirms the business has agreed a strategy with Nama to dispose of property assets that have been pledged as loan security.

Vita Five Five Ltd subsidiary, Vita Cortex, was involved in a long-running dispute in 2012 when workers staged a five-month sit-in at the company’s Cork plant in a row over redundancy payments.

The workers ended their sit-in in May 2012 after receiving their redundancy payments and they were subsequently greeted at Áras an Uachtaráin by President Michael D Higgins.

The nine firms had net shareholder funds totalling €350,000 at the end of April 2013 — down from the €8.8m in shareholder funds in April 2011.

The details of the profits and losses of the Vita Cortex group firms are contained in accounts just lodged by parent firm Vita Five Five Ltd to the Companies Office.

The accounts show that the accumulated losses at the parent firm totalled €7.8m at the end of April 2013.

The figures show firms to record losses in 2013 include Vita Cortex (Dublin) Ltd recording a loss of €2.27m and Vitaclean Ltd recording a loss of €202,200.

The accounts also show that Vitabond Ltd recorded a profit of €104,115.

The new accounts for Vita Five Five Ltd confirm that the firm recorded a loss last year of €2.45m and this followed a loss of €237,576 in fiscal 2012.

A note attached to the accounts states that the firm had net liabilities of €7.83m.

According to a note attached to the accounts, “Nama has issued a letter of support which includes an agreed strategy for the disposal of property assets of the group that are pledged as security for the loan.”

The note adds: “This is reviewed on a regular basis. On this basis, the directors believe that the company will have sufficient resources to continue in operational existence. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.”

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