A furniture business owned by FAI chief executive John Delaney made a loss for the second year running and is now dependent on his financial support to survive, according to accounts just filed to the Companies Office.
Mr Delaney, reportedly with a €400,000 FAI salary, is a director of Gerfurn Limited, an Athlone-based company in which he owns two-thirds of the shares.
The firm reported an annual loss of €13,583 in the latest accounts for the year ending March 31, 2015, having already incurred losses of €243,572 during the previous year.
The company is currently in negotiations with its bank to restructure its debt.
“The company’s majority shareholder has confirmed he is willing to provide financial support to the company for the foreseeable future, sufficient to allow the company to continue as a going concern,” the accounts state.
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