Friday 30 September 2016

Sports agency Platinum One sees 2013 loss top €250k

Gordon Deegan

Published 19/02/2016 | 02:30

Fintan Drury gave evidence at the Banking Inquiry last year. Photo: Tom Burke
Fintan Drury gave evidence at the Banking Inquiry last year. Photo: Tom Burke

The sports management firm led by former Anglo Irish Bank director Fintan Drury lost more than €250,000 in 2013, it has emerged.

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Accounts just filed for Platinum One Ltd for that year show a loss of €257,962.

Platinum One has brought Real Madrid to Ireland in the past while Mr Drury served as a former non-executive director of Anglo Irish Bank and last year gave evidence to the Oireachtas Banking Inquiry. A former journalist, Mr Drury now manages the affairs of a host of rugby and soccer stars.

A note attached to the Platinum One Ltd 2013 accounts shows that the company had a loan of €244,192 with the rebranded Anglo Irish Bank, the IBRC, at the end of 2013.

The note discloses that the loan was acquired by the Pepper Group in February 2015 and "full and final settlement of the loan was accepted and paid in February 2016 for €84,000".

The accounts also disclose that agreement was reached with Bank of Ireland in November 2015 that the remaining balance of the company's overdraft facility of €100,000 will be paid off in instalments between February 2016 and February 2017. At the end of 2013, the firm's accumulated losses had grown by €257,962 from €2.264m to €2.52m.

The firm's shareholder's deficit at the end of December 2013 totalled €1.125m.

The firm's cash pile during the year plummeted from €161,283 to €5,062.

Separate accounts recently lodged for a sister UK firm, Platinum One Sports Management Ltd, show that the firm was sitting on accumulated losses of £313,128 at the end of December 2014.

This compares to accumulated losses of £117,955 at the end of December 2013.

Irish Independent

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