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Tuesday 21 February 2017

Gallagher's speeches earned him €107,000

Siobhan Creaton

Published 29/11/2011 | 05:00

PRESIDENTIAL candidate Sean Gallagher made €107,639 from motivational speaking last year.

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New accounts show that his other business, Smarthomes, racked up losses of €282,116 last year despite his claims it would return a small profit.

The latest accounts for Mr Gallagher's Beach House Training company show the former Dragon continued to make a healthy living from public appearances in 2010 but the business guru's own enterprise did not fare so well.

The Beach House Trading figures show that the company had investments worth €70,000 that included a 20pc stake in the plumbing supplies business, Boilerbleed Ltd. It also had €30,473 in cash in the bank and owed creditors €14,777. Mr Gallagher stepped down as a director of this business before the campaign.

The accounts also show the businessman fully repaid an €82,829 interest-free loan from Beach House in 2009 that breached company law. During the campaign, he said this was due to an "error" caused when a cheque was lodged into a wrong account.

His €50,000 investment in the fledgling Surf Seeds business made through 'Dragons' Den' also features in this company's accounts.

When Mr Gallagher resigned as a director, his investment was listed as a loan he was owed by that company. The 2010 accounts say that loan has now been converted back into shares in Surf Seeds.

There was also controversy about Smarthomes, the business he and partner Derek Roddy founded to install wiring for sophisticated entertainment and broadband systems. The two took payments amounting to €860,000 from this loss-making company at the height of the property crash.

Mr Gallagher stepped down as a director last year but is still a shareholder.

Creditors

Smarthomes lost €282,116 last year. It owed creditors €519,837 and, at the end of 2010, it had assets worth €30,098 and just €5 in cash at the bank.

In 2008, the two men, who own an equal share of the business, drew €542,500 from the company, equal to about 80pc of the €653,000 it lost that year.

They also shared a salary of €195,000 and pension contributions of €55,290. The directors also shared royalty payments of €96,000 and rent.

In 2009, Mr Gallagher and Mr Roddy drew €316,000 from the firm that included rent of €167,000 and €61,357. And they shared royalty payments amounting to €58,320.

Irish Independent

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