Losses widen at The Square shopping centre in Tallaght

Pre-tax losses at the company that runs The Square shopping centre in Tallaght widened to €1.17m last year.

Newly filed accounts for The Square Management Ltd show that the company’s revenues for the 12 months to the end of September declined marginally to €6.34m.

The pre-tax loss was up from a loss of €939,834 in the preceding 12 months.

Interest payable of €736,735 resulted in the widened loss. On an operating basis, The Square’s losses more than doubled last year, to €441,273.

Some €5.5m was generated in service charge revenue and an additional €790,013 in car-parking revenues.

The company had accumulated losses of €16.2m at the end of September. Its cash pile fell from €1.729m to €1.5m.

In the accounts, the company’s directors said: “The company is actively redeveloping part of the property and the site surrounding The Square with a view to realising additional value.”

The company owns the freehold to The Square and is responsible for its maintenance and other services to tenants, and the operation of its car park.

Numbers employed by the firm last year totalled 16, with staff costs amounting to €884,825.

The accounts state that Nama has acquired the firm’s loans and a note attached to the accounts says that the company continues to receive financial support from the agency.

“During the year, the company received, and continues to receive, financial support from Nama, which is subject to certain conditions being met by the company.

"This financial support is in the form of the periodic release of funds to enable the company to discharge its overheads,” state the accounts.

The directors said they believe that Nama will continue to support the operations of the company for the foreseeable future.

The note adds: “However, if Nama were to discontinue its provision of funds to the company, the company may be unable to continue realising its assets and discharging its liabilities in the normal course of business.

“As with any company placing reliance on other entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.”


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