Firm behind O'Flaherty car empire back in black
THE holding company behind the O'Flaherty family's motoring empire swung back to the black last year, ending two years of heavy losses during the darkest days of the recession.
The €9.4m pre-tax profit for O'Flaherty Holdings was revealed in accounts just filed, and comes three years after the O'Flahertys lost control of the Volkswagen brand in Ireland.
That loss weighed heavily on 2009's results, with turnover falling 68pc to €282.6m, well below its peak of €1bn. The latest accounts showed revenues have now stabilised, falling just 1pc to €279.7m in 2010.
In their report, the company's directors noted the market continued to be "very distressed" and said the motor business's success depended upon being able to make cars available at appealing prices.
The O'Flaherty's Motor Services Limited operates five high-end car dealerships, including Ballsbridge Motors and MSL Volkswagen Sandyford. Cars on sale include Audi, Volkswagen, Mercedes and Mazda.
With roots dating back to 1949, the O'Flaherty empire employs more than 1,000 staff and includes a range of business interests like property, farming and manufacturing.