Business Irish

Thursday 20 June 2019

Bumpy ride for Ryan's Roads group as losses increase

A loan for working capital

Loans: Roads CEO Danielle Ryan has put €6.5m into the businesses and parent firm Portico
Loans: Roads CEO Danielle Ryan has put €6.5m into the businesses and parent firm Portico

Gordon Deegan

Losses at companies in the Roads luxury lifestyle group owned by entrepreneur and Ryan dynasty heiress Danielle Ryan continued to mount last year.

New accounts show that three Roads firms sustained combined losses of €500,000 last year. This followed combined losses at the Roads group of companies of €810,000 in 2016.

The businesses were established in 2013 and the accounts showed Ms Ryan has ploughed €6.5m into the businesses and parent firm, Portico, through loans. This includes a further €269,000 loan in 2017 'for working capital purposes'.

Roads CEO Ms Ryan is grandaughter of Ryanair founder Tony Ryan and inherited a good slice of a €250m fortune at the age of 26. The Roads firms specialise in fragrance, publishing, entertainment and property development.

Last year, the Roads Luxury Group firm recorded a loss of €140,357 with Roads Fragrance recording a loss of €145,244 and Roads Publishing recording a loss of €214,040.

At the end of December last, Roads Luxury Group was sitting on accumulated losses of €707,903 with Roads Fragrance having accumulated losses of €1.8m and Roads Publishing having accumulated losses of €1.39m.

The combined accumulated losses at the Roads Luxury, Roads Publishing and Roads Fragrance firms amounted to €3.89m at the end of December last. Accounts for Portico Capital Management Ltd show that the firm owed €6.5m to Ms Ryan.

Irish Independent

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