That is according to Fossett Brothers marketing manager, Charles O’Brien who said yesterday that the examinership process had been “humiliating, humbling and traumatic,” for the business, “but we are proud to have come out the other side of it and to be in a position to pass the business on. It is a heritage we don’t take lightly”.
Mr O’Brien was commenting on new accounts, filed by Fossett Brothers Circus Ltd, showing that the company booked a profit of €177,668 in the 18 months to the end of October last, chiefly arising from creditors taking a hefty write-down from the examinership of the firm.
The family-owned business emerged from the examinership process in February and the accounts show the amount owed to creditors was written down by €213,713 from €253,369 to €39,656.
Mr O’Brien said the circus’ business plan has a target to break even in the first year after examinership.
“We’re on target to meet our break-even target and we hope to do even better than that. The Fossett family is very positive now about moving forward,” said Mr O’Brien.
The circus employs 48 people, including 15 members from three generations of the Fossett family, including matriarch, 85-year old Herta Fossett who runs the circus shop, down to Julia, 7, who after school hours entertains circus goers with her horses.