Business World

Saturday 3 December 2016

Goodman's Parlesse vehicle posts €62m profit and pays €144,000 tax

Published 21/04/2016 | 02:30

Larry Goodman controls Co Louth-based ABP Food
Larry Goodman controls Co Louth-based ABP Food

Profits at Parlesse Investments, a Luxembourg company that's part of Larry Goodman's business empire, jumped over 17pc in 2014 to €62.1m, but the amount of tax the firm paid fell to just €144,000 from €219,000 a year earlier, newly-filed accounts seen by the Irish Independent show.

  • Go To

The firm generates its income from dividend and interest payments, and was at the centre of some controversy last year when it emerged it had generated profits of close to €300m over a three-year period, but only paid tax of about €800,000 on those profits.

The latest set of accounts for Parlesse Investments show that its total assets increased to €835.5m in the 12 months to the end of March 2014, from €809.4m a year earlier.

Of its income in the 2014 financial year, €36.3m was derived from income from financial current assets, while €25.8m came from other interest and financial income, according to the accounts.

Mr Goodman owns Louth-based ABP Food Group, (formerly Anglo Beef Processors) and is executive chairman of the company. It's Europe's second-biggest biggest meat processing firm and supplies beef, lamb and sausage meat to thousands of customers.

It employs over 9,000 people at 37 sites around Europe, and its turnover is thought to be around €3bn a year.

Last year, Mr Goodman pointed out that ABP pays substantial levels of corporation taxes every year.

Parlesse Investments is a part-owner of ABP, and provides loans to a number of Mr Goodman's business interests.

Aside from owning ABP, Mr Goodman has an extensive property investment portfolio which includes assets such as the former Bank of Ireland headquarters in Dublin.

That was bought in the depths of the crash for €40m, and €100m has since been spent on its renovation.

Much of Mr Goodman's personal investments are handled via the Parma group and related entities. He's estimated to have a personal fortune worth about €800m.

The ABP group business is unlimited, meaning it doesn't have to file publicly available accounts with the Companies Registration Office.

Companies such as Parlesse Investments therefore only provide a snapshot of part of the Mr Goodman's business activities, including intra-company affairs.

Mr Goodman's businesses also utilise companies in other jurisdictions such as the Netherlands, Jersey and Liechtenstein.

Such structures are common among large companies and investment vehicles, and perfectly legal.

They're often used to help minimise overall tax liabilities, but also to manage financing aspects of businesses.

A spokesman for Mr Goodman's Parlesse investment vehicle told the Irish Independent: "All of Mr Goodman's businesses are fully compliant with the tax requirements in all of the jurisdictions in which they operate."

Indo Business

Read More

Promoted articles

Editors Choice

Also in Business