Business Irish

Thursday 19 September 2019

Deirdre Foley firms sell €812,000 in services to Natrium

Site sale: Deirdre Foley led the firm which bought Clerys department store for €29m from American group Gordon Brothers in
June 2015
Site sale: Deirdre Foley led the firm which bought Clerys department store for €29m from American group Gordon Brothers in June 2015

Gordon Deegan

Companies controlled by businesswoman Deirdre Foley last year provided services to the value of €812,952 to the firm that bought Clerys department store.

That is according to new accounts filed by the firm, Natrium Ltd.

The company last month sold the department store site for €63m after earlier securing planning permission for a €150m mixed-use development on the site.

Natrium, led by Ms Foley, bought the department store for €29m from American group Gordon Brothers in June 2015 under controversial circumstances that resulted in the loss of 130 jobs.

The new accounts for Natrium show that it has established a provision of €676,651 as the estimate of the costs to be incurred on legal matters arising from a Workplace Relations Commission (WRC) investigation and other court proceedings.

In respect of the services provided by Ms Foley's firms to Natrium last year, a note attached to the accounts states that the company received services from Ms Foley's FAM Acquisitions to the value of €493,806 last year and €50,343 was outstanding at year end.

In addition, Natrium received services to the value of €317,771 from Ms Foley's D2 Private.

The balance outstanding at the end of the year was €317,771.

Natrium recorded losses of €1.14m last year and its spend last year includes professional fees of €440,799, €493,806 in management fees and debt management fees of €150,000.

The accounts state that Ms Foley has sought an indemnity from the company in respect of all legal costs associated with the Judicial Review process initiated by D2 Private and Ms Foley.

The note states that the magnitude of any potential costs cannot be reliably measured now and will only become clear following the conclusion of the legal proceedings.

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