Cullen's firm returned to profit last year after €10.4m loss
Published 11/02/2011 | 05:00
The main company owned by motor dealer and star of TV3's 'The Apprentice' Bill Cullen returned to profit last year after incurring a pre-tax loss of €10.4m in 2009.
Accounts just filed by Glencullen Holdings Ltd to the Companies Office show the group incurred the loss after revenue more than halved in 2009, going from €53.7m to €26.3m.
The group operates a number of Renault dealerships and the filings confirm an impairment charge of €6m on the group's property assets contributed to the €10.4m pre-tax loss.
The loss in 2009 followed the group recording a pre-tax loss of €8.2m in 2008. But new unit sales of cars increased by 500pc in 2010 "and the group has returned to profitability".
The directors' report states: "During 2010, the group has seen a considerable volume and profit increase for the motor trading entities with its supply partner achieving market share in excess of 10pc for the year.
"The increase in volume combined with cost reductions in 2008 and 2009 have seen the group return to trading profit."
The accounts disclose that Mr Cullen loaned a further €690,626 to the group during 2009, bringing the total amount of his directors' loan to the group to €19m.