Losses mount at Kathryn Thomas’ father’s firm

Losses mounted at the construction and engineering group headed up by TV presenter, Kathryn Thomas’ father last year.

New figures show that the Co Carlow-based Thomas Thompson Holdings Ltd’s losses increased by €3.19m in the 12 months to the end of May last.

According to a note attached to the accounts, the loss came about from exceptional costs of €3.8m arising from writing down property assets of €2.47m and writing off loans valued at €823,807 to subsidiary and connected companies.

The firm is headed up by the RTÉ presenter’s father, Gwynne Thomas and according to a note attached to the accounts the group had bank loans of €21m transferred to Nama in 2010.

The accounts state that “the company, in line with many other companies involved in the property sectors, is trading through extremely difficult conditions but continues to work proactively with its lending institutions”.

According to the note: “Nama has issued the company with a short-term conditional letter of support.

“The directors are working with Nama to agree a plan to trade out the assets held as security by Nama until they can be prepared for sale.”

The note also reveals that “the company has other non-Nama debt of €5.1m which the directors are in negotiations to restructure.

The note goes on to say: “This debt is secured on assets valued by the directors in these accounts at €1.736m”.