Dixons retail director received €318k payoff

The former managing director of the Dixons retail operation in Ireland received a payoff of over €300,000 when he stepped down from the role last year.

The €318,000 payment to Declan Ronayne is revealed in new accounts for DSG Retail Ireland Ltd that show pre-tax losses continued to mount at the firm, despite revenues increasing 4% to €152.3m in the 12 months to April 30.

PC World and Currys also operate under the DSG banner in Ireland.

Speaking at the time of his departure, Mr Ronayne said he was leaving “on the best of terms” with Dixons. He &has since been appointed chief executive of Woodies.

The accounts for DSG Retail Ireland Ltd show it recorded a pre-tax loss of €2.64m, down from a €2.8m loss in the prior year.

In their report, the directors note “the continued difficult economic environment, but add that the rise in revenues reflected “market share growth and strong performance in a very competitive market”.

“In order to deliver an improvement in trading results, the directors continue to manage the cost base of the company and review regular opportunities to drive efficiencies and savings.”

DSG Retail’s cost of sales increased from €144.6m to €148.6m last year. Administrative expenses rose from €4.6m to €4.7m, while the accounts include a non-cash depreciation charge of €2.99m.

Emoluments to directors almost doubled last year, going from €328,000 to €622,000 that included the €318,000 for compensation of loss of office.