Business Irish

Saturday 18 November 2017

Murray Rental lost €6m in 2008

Donal O'Donovan

Donal O'Donovan

DUBLIN-based Murray Car Rental recorded a loss after tax of €6m in 2008, according to the most recent accounts filed with the Companies Registration Office.

The loss came before the company was forced to seek an examinership last year.

The most recent accounts cover the 12 months to the end of 2008 but were signed off in November of this year.

They recorded a fall in revenues of just over €1m between 2007 and 2008 to €18.3m. Losses shot from €695,000 to more than €6m over the same period.

The losses were driven in particular by exceptional costs of €4m after the company wrote down the value of assets including its fleet of cars. In May 2009 Murray lost the Irish franchise for the Europcar hire business but has since taken on the Sixt franchise.

In July 2009, it and two subsidiaries were taken under the protection of the High Court, and an examiner was appointed. The court approved a Scheme of Arrangement that saw shareholders invest €1.9m -- €1m covered liabilities, and the rest was working capital.

Irish Independent

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