Monday 11 December 2017

Maughan-owned Convest cuts its operating losses to €690,000

Michael Maughan of Convest and the Gowan Group
Michael Maughan of Convest and the Gowan Group
John Mulligan

John Mulligan

Convest, the company which sells everything from cars to kitchens and which is owned by Gemma Maughan and her family, pared its operating loss to €693,000 last year from €1.1m in 2014, new accounts for the business show.

Turnover at the group rose to €151.2m from €133.8m a year earlier. Of the turnover in 2015, €145.8m was generated in Ireland, and the remainder in the UK.

A €306,000 dividend was paid to Convest's shareholders last year, the accounts reveal.

The company, whose directors also include Michael Maughan, distributes Peugeot and Honda vehicles in Ireland, and also owns Senator Windows.

It also sells appliances manufactured under brands including Franke, Neff and Breville. Its subsidiaries include the Gowan Group. It's also active in the property market.

During the boom, sales at the group had topped €330m.

The most recent set of accounts show that Convest actually managed to turn a pre-tax profit of €775,000 last year, compared to €1.4m in 2014.

The performance in 2015 came as Convest recorded a €941,000 share of profits from associated undertakings, and a €400,000 gain on the reversal of an impairment, following the revaluation of investment properties.

It also posted a €143,000 gain from the change in the market value of investments.

The accounts show that Convest had €670,000 of listed investments at the beginning of 2015, and sold €210,000 worth of those during the year.

Despite the share disposals, Convest retained €608,000 of listed investments at the end of 2015 following the increase in market value of its remaining listed assets.

Earlier this year, Mr Maughan sought permission to redevelop the rear of a building on Dublin's Merrion Square used by the Arts Council.

Billionaire financier Dermot Desmond - who owns an adjacent property - had opposed the plans.

The council refused Mr Maughan's application to demolish the existing mews and build a replacement.

An Bord Pleanála upheld that decision.

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