Pamela Scott founder Sean Barron pumped a further €553,000 in loans into the women’s fashion retailer last year, newly-filed company accounts show.
The accounts for Flairline Fashions show Mr Barron was owed €3m by the business as of the end of last August. They also show the company significantly narrowed its losses during the year, from €2.58m to €867,708. Exceptional costs fell from €2.66m to €871,066.
Management expects the business to return to profit in its current financial year.
At the end of August, the business had net liabilities of €5.4m. However, in the accounts the directors said that “we have a reasonable expectation that the company has adequate resources to continue operations for the upcoming year based on continuing financial support of its group companies and shareholders and budgeted profits for the group in the upcoming year”.
The company’s cash increased from €317,505 to €404,548 during the year. The accounts disclose that Sean Barron has a fixed and floating charge over the company’s assets as security for borrowings. Along with Mr Barron, Flairline’s shareholders are his wife Michaelina and his fours sons — John, Richard, Robert and Scott. In the accounts, the directors said they would continue to support the business for the upcoming year.
Numbers employed by the company fell marginally to 20, with staff costs decreasing to €857,282 from €954,363.
Pamela Scott marked 40 years in business last year, having opened its first outlet on Dublin’s Grafton Street in 1976. It currently has 21 outlets around the country, having closed three loss-making shops during 2016.
The latest accounts also include figures for two subsidiary companies — Arzac Developments, which recorded a loss of €668,675 for the year to the end of August; and Richard Alan and Co Ltd. The latter showed losses of €198,737 and was sitting on a shareholders’ deficit of €7m.
The company’s store network covers Dublin, Limerick, Cork, Athlone, Carlow, Castlebar, Clonmel, Ennis, Kilkenny, Mullingar, Navan, Newbridge, Sligo, Tralee, Waterford and Wexford. Its Dublin presence takes in shops in Blackrock, Blanchardstown, Dundrum, Stillorgan, Rathfarmham and Swords.
The firm paid €92,000 in rent last year to Sean and Michaelina Barron, the accounts show.
Mr Barron continues to lead the business while his four sons are also active in the business — John is personnel and stores director; Richard is head buyer; Robert is marketing and IT director and Scott is director of distribution and logistics.
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