Bradshaw firm lost €500,000
Published 04/11/2010 | 05:00
Cove Capital, the venture capital firm run by former Anglo Irish director Lar Bradshaw, is sitting on losses of almost €500,000 as cash and contracts dwindle.
The company's accountants said they could not "verify the accuracy or completeness of the books of account'' after they were not asked to do an audit of Cove Capital Partners Ltd.
The company's 2009 accounts show the balance sheet is insolvent to the tune of €453,254, with accumulated losses coming to almost the same amount. Mr Bradshaw is listed among the directors.
Cove is claiming an exemption which it believes means it doesn't need an audit of the annual accounts and has not received a notice requesting an audit. The directors do acknowledge an obligation to keep proper books of account.
Cash at the company has fallen by more than 50pc with the amount of money owed to the company, through various contracts, shrinking from €1.4m to €14,992.
The shareholders are committed to supporting the company in the future, allowing it to trade as a going concern. Cove, based at Sir John Rogerson's Quay in Dublin, was recently listed as a large creditor of former Anglo Irish chairman Sean FitzPatrick. Mr FitzPatrick and Mr Bradshaw have combined on a number of deals. Mr FitzPatrick's list of creditors include Cove which is owed €16.7m.