Quinn healthcare firm's losses hit €1.4m
LOSSES at the healthcare retail firm owned by self-styled 'mind guru' and controversial businessman Tony Quinn increased by almost €400,000 last year.
Accounts just filed by Tony Quinn Health Centres Ltd (TQHCL) show that accumulated losses increased by €398,128, from €977,863 to €1.375m, in the 12 months to the end of September 2011.
The abridged accounts, signed off last December 19, show that the firm received a cash injection during the year of €3.5m.
This resulted in a shareholders' deficit of €342,994 becoming shareholder funds totalling €2.75m. Dublin native Mr Quinn, who now lives in the Bahamas, is not a director of the company he founded, but the firm is owned by his Jersey-based Baringo Trading.
TQHCL operates 11 retail outlets in Dublin, Kilkenny, Galway, Cork and Dundalk.
Mr Quinn opened the first store in Dublin's Eccles Street in 1976.
A note attached to the accounts of TQHCL states that "the directors have a reasonable expectation, having made appropriate inquiries, that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements".
The figures show that the firm's cash pile reduced from €337,872 to €136,602 during the year.
Confirmation of the mounting losses at TQHCL follows a court ruling in the Caribbean last year that found Mr Quinn was not validly appointed as a director of an oil firm.
Mr Quinn flew by private jet to attend the hearing from his home on Paradise Island in the Bahamas.
Mr Justice Edward Bannister described him as "a highly controversial figure both in the Republic of Ireland and further afield".
The judge added: "He runs what he calls Educo seminars, which people are persuaded to attend at very high costs."
The company did not respond to a request for comment yesterday.