Saturday 21 October 2017

Paul McGuinness to share €1.1m as firm wound up

Paul McGuinness and wife Kathy Gilfillan pictured with Bono and his other half Ali Hewson
Paul McGuinness and wife Kathy Gilfillan pictured with Bono and his other half Ali Hewson

Gordon Deegan

FORMER U2 manager Paul McGuinness has moved to liquidate his music management firm, with the voluntary winding-up process expected to produce a cash pile of over €1.1m.

In November 2013, McGuinness confirmed that he was stepping down as manager of U2 after more than 30 years at the helm when announcing the sale of his Dublin-based Principle Management to international music giant, Live Nation.

The sale of Principle Management to Live Nation was part of a reported $30m deal that also included Live Nation buying Madonna's entertainment company, Maverick.

Mr McGuinness remained on as chair of Principle Management with Guy Oseary taking over U2's day to day management.

However, new documents lodged with the Companies Office show that McGuinness has formally moved - along with fellow director, Trevor Bowen - to wind up the firm.

The firm - now known as Evergreen Ventures Ltd - was loss-making for the fourth year in a row in 2013 with figures showing that accumulated profits deceased sharply by €1.9m.

However, the seven-page Declaration of Solvency returned to the Companies Office shows that the firm had €903,861 in the bank on the date of the voluntary wind-up.

The firm also had €75,501 in marketable securities and was owed €223,961 in VAT.

According to the documentation, the estimated realisable value of its assets totalled €1.21m.

Irish Independent

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