Cash pile at Damien Rice firm dips, but tops €415k

The cash pile at the music firm owned by Kildare singer-songwriter Damien Rice last year topped €415,000.

However, figures lodged by Damien Rice Music Ltd with the Companies Office show the cash pile dropped from €523,638 in the previous year.

The singer is back in the spotlight following the October release of his acclaimed third studio album, My Favourite Faded Fantasy. He is currently adding to his company’s coffers with a string of dates across the UK, Europe, the US, and Ireland.

Rice’s gig at the Iveagh Gardens in Dublin is sold out next month, while he is also performing at the Marquee in Cork and the Big Top at the Galway Arts Festival.

In addition, he will be performing in Portugal, Holland, Belgium, Switzerland, France, Italy, Denmark, and Germany.

At the end of June 2014, the firm had an accumulated loss of €37,224 and this followed accumulated profits of €244,244 at the end of June 2013 — a negative swing of €281,468.

The swing to loss on the abridged balance sheet is explained by the money owed to creditors due within one year increasing from €462,384 to €953,357. At the end of June last, the firm owed €176,800 in PAYE. In a press interview last year around the release of his album, Rice said that he has no interest in whether My Favourite Faded Fantasy is commercially successful.

“I’ve learned very, very, very clearly that money does not equal happiness or security either,” he said.