Contrast in fortunes for Shaws firms

The two firms behind the Shaws department store chain enjoyed contrasting fortunes last year.

The group operates 16 department stores across the country, employing almost 1,000 people.

Accounts recently filed by Shaw & Sons Ltd show pre-tax losses increased from €702,703 from €1.3m in the year to the end of January 31, 2014.

This was in spite of an increase in revenues at the firm increasing from €22.2m to €23.17m.

The losses at Shaw & Sons Ltd arose from the exceptional loss of €642,311 on the sale of a property. Prior to this, the company reduced its operating losses from €643,699 to €617,178.

Separate figures show that a connected Shaws firm, which also operates Hadden’s Shopping Centre in Carlow, recorded pre-tax profits of €832,522.

The figures show that W&G Hadden Ltd also recorded a marginal decrease in revenues, from €15.48m to €15.43m. The business was established in 1864.

The group operates close to 300,000 sq ft in retail space in outlets located in Athy, Ballina, Carlow, Castlebar, Drogheda, Dungarvan, Dun Laoighaire, Fermoy, Limerick, Longford, Mountmellick, Portlaoise, Roscrea, Tralee, Waterford, and Wexford.

The figures for Shaw & Sons Ltd show its pre-tax loss takes account of €444,235 in non-cash depreciation costs. Its accumulated profits were €7.5m, with shareholder funds at €15.4m, and cash totalling €3.7m.

Remuneration, including pension contributions, for the eight directors last year increased from €579,794 to €606,286.