Business Irish

Wednesday 23 August 2017

Businesswoman at centre of Clery's closure controversy pocketed €350,000 in property deal with own firm

Deirdre Foley
Deirdre Foley

Gordon Deegan

The businesswoman at the centre of the controversy around the closure of iconic Dublin store Clery's last year pocketed €350,000 in a property deal with her own firm.

The €350,000 received by Deirdre Foley from D2 Private for her 50pc interest of a property at Harcourt Terrace is disclosed in new accounts that show mounting losses at D2 Private.

The accounts disclose that the firm recorded pre-tax losses of €775,037 in the 12 months to the end of December last and this followed the firm recording pre-tax losses of €467,409 in 2013.

In June of this year, Ms Foley emerged at the woman behind the purchase of Clery's building that was part of a chain of events that culminated in the closure of the store with the loss, without warning, of 130 jobs at the store.

The store was sold by US private equity firm Gordon Brothers to Ms Foley's and Cheyne Capital's Natrium consortium for €29m. Natrium kept the property arm and flipped the operating business for €1m to Jim Brydie, an insolvency practitioner who promptly put the business into liquidation.

The new D2 Private accounts show that its accumulated profits decreased from €1.97m to €1.19m while the firm's cash reduced by more than €1m going from from €4.1m to €3m.

Irish Independent

Also in Business