Fintan Drury’s Platinum One sports management scales back in Ireland

The main trade of a firm involved in Fintan Drury’s Dublin-based Platinum One sports management business has been sold and the firm is now operating in Ireland “on a reduced basis”.

That is according to new accounts for Platinum One Ltd that show that the firm recorded a loss of €257,962 in 2013.

Platinum One had in the past brought Real Madrid to Ireland while Mr Drury served as a former non-executive director of Anglo Irish Bank and last year gave evidence to the Oireachtas Banking Inquiry.

A note attached to the Platinum One Ltd 2013 accounts shows Platinum One previously had a loan of €244,192 with IBRC — formed from Anglo Irish Bank and Irish Nationwide Building Society — at the end of 2013.

The note discloses that the loan was acquired by the Pepper Group in February 2015 and “full and final settlement of the loan was accepted and paid in February 2016 for €84,000”.

The accounts show that agreement was reached with Bank of Ireland in November 2015 that the remaining balance of the company’s overdraft facility of €100,000 will be paid off in instalments between February 2016 and February 2017.

They show that the directors of the firm have confirmed that amounts owed to them at the balance sheet date will not become payable for a period of at least 12 months from the approval of the financial statements which was February 8 this year.

At the end of 2013, accumulated losses had grown from €2.26m to €2.52m.

Separate accounts recently lodged for sister UK firm, Platinum One Sports Management Ltd, show that the firm had accumulated losses of £313,128 at the end of 2014.