Cole firm records profits of €2.1m

Accounts lodged by the Limerick-based Tara Entertainments Ltd show it made profits of £1.762m (€2.1m) between Nov 11, 2011 and the end of 2012.

The firm’s cash pile stood at £2.23m.

It owed £251,824 in corporation tax at the end the year with the business a subsidiary of dormant UK firm, CC Entertainments International Ltd.

The accounts confirm that part of the firm’s revenues were last year generated by performance and concert income.

Income was boosted last year by Cole releasing her third album, A Million Lights in June 2012 with the lead single ‘Call my Name’ selling 152,000 copies in its first week.

Cole’s first solo tour also added to the firm’s coffers last year.

The firm is wholly owned by Cole with the company established in Ireland through its links with Limerick’s based accountant, Alan McEvoy’s firm Live Wire Business Management.

Along with Cole’s Tara Entertainments, LBM has also set up firms for other British pop stars Olly Murs and JLS, who are signed to X Factor creator Simon Cowell’s Syco label.

LBM — based at Grove Island, Corbally — has prepared annual accounts for Boyzone, Ronan Keating, The Corrs, and Westlife. It has started working for one of the world’s most popular bands, One Direction setting up the ODOT partnership, which shares LBM’s Limerick address at Canal House.