Vincent Browne slashes debt at his firm by over €260,000
BROADCASTER and journalist Vincent Browne cut the money owed on his personal company by more than €260,000 last year as he worked to pay down debts related to his 'Village Magazine' venture.
Accounts just filed for Village Communications Ltd, for the year to the end of December 2011, show that the company slashed its debts from €725,464 to €484,912.
Mr Browne uses the company for fees relating to his TV3 programme 'Tonight with Vincent Browne' and various other interests.
The journalist sold his Dalkey home for €2.6m last June, according to the Property Price Register, and Mr Browne yesterday confirmed that that figure was accurate. It had been on the market for some €3.2m.
Most of those funds were used to pay off a mortgage and debts relating to 'Village Magazine', he told the Irish Independent.
The TV3 broadcaster and 'Irish Times' columnist was the founding editor of 'Village Magazine' in 2004.
It ceased publishing in 2008 but was later revived under a new editor, Michael Smith.
Mr Browne has previously acknowledged that he incurred heavy debts over the demise of 'Village Magazine', with some estimates putting these as high as €1.5m.
"The debts are being worked down and the banks are satisfied with how it is being dealt with. I hope to have them cleared in a short while," he added.
The accounts show that he has given a personal guarantee for some €450,000 to his bank, while the accumulated losses on the business were reduced by €267,000 to €808,564.
Mr Browne is also a creditor of the company, although he did not say how much he was owed himself.