Pamela Scott targeting return to profit by 2018

The family behind Irish retail fashion chain Pamela Scott ploughed €2.5m in loans into the business last year and has targeted a return to profit in 2018.
Pamela Scott targeting return to profit by 2018

The ladies fashion retailer is celebrating 40 years in business this year. It is owned by the Barron family, via its Flairline Fashions operating vehicle.

Latest accounts show the business recorded a pre-tax loss of €856,557 in the 12 months to the end of August 2015. Revenues dropped 5.5%, or €1.2m, to €21.2m.

In the directors’ report section of the accounts, the owners said their five-year plan anticipates a return to profit for 2018. They said that they expect the business “to continue to grow its operations in the upcoming year”.

Pamela Scott has 21 outlets. Twelve shops exited examinership in 2013 after agreeing new rent deals.

Earlier this year, the group said it would be opening two shops outside Dublin before Christmas, and would be upgrading existing shops in the chain. It has stores in Dublin, Limerick, Cork, Athlone, Carlow, Castlebar, Clonmel, Ennis, Kilkenny, Mullingar, Navan, Newbridge, Sligo, Tralee, Waterford and Wexford.

The firm recorded the pre-tax loss of €856,557 in spite of exceptional gains including the writedown of a bank loan to the tune of €501,1580 and a €136,888 gain on the disposal of a lease.

As the business restructured last year, pay to directors was slashed from €646,849 to €210,337.

Numbers employed by the business last year decreased from 267 to 231 as staff costs, including directors’ pay, reduced from €5.7m to €5.17m.

The firm’s loss, last year, takes account of lease costs reducing from €3.32m to €3.1m, non-cash depreciation costs of €253,372 and impairment costs of €52,647.

The business had a shareholders’ deficit of €2.3m as its cash decreased from €830,823 to €823,993.

The company’s shareholders are listed as founder and driving force Sean Barron, Michaelina Barron, John Barron, Richard Barron, Robert Barron and Scott Barron.

The latest accounts state that they will continue to support the group for the upcoming year.

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