'Beautiful day' as U2 company repays €8.6m to band members

U2 Ltd recorded profits of €10.2m for 2019

U2 Ltd is controlled by Not Us Ltd, which has the four members of U2 – Bono, The Edge, Adam Clayton and Larry Mullen – as its directors.

It was 'a beautiful day' for members of U2 as a company controlled by the band repaid €8.6m to the four band members in 2019.

New accounts for U2 Ltd show that the company recorded profits of €10.2m for 2019.

The company is engaged in the creation, protection and licensing of the band’s intellectual property.

The new accounts show the company was sitting on accumulated profits of €7m at the end of 2019.

This followed the firm having accumulated losses of €3.2m at the end of 2018 – a positive swing of €10.2m.

Covid ruled out U2 performing live in 2020 and to date in 2021.

The accounts said: “While the pandemic has not had any notable impact on the activity of the company, the directors continue to monitor these developments and take mitigating actions where appropriate.”

U2 Ltd’s cash funds last year reduced from €274,071 to €198,386.

The amount owed to the company by debtors increased to €11.6m.

U2 Ltd is controlled by Not Us Ltd, which has the four members of U2 – Bono, The Edge, Adam Clayton and Larry Mullen – as its directors.

Accounts for that company show its accumulated losses increased in 2019 from €13.7m to €16.6m.