Pamela Scott chain shrugs off losses
THE founder of homegrown ladies fashion brand, Pamela Scott, ploughed a further €553,000 in loans into the chain as the business forecasts a return to profit.
Accounts just filed by Flairline Fashions Ltd show that Sean Barron was owed €3m in loans by the company at the end of August last.
The accounts confirm that the firm recorded losses of €867,708 last year and this takes account of exceptional costs of €871,066.
The loss last year followed a loss of €2.58m in 2015 that included exceptional costs of €2.66m.
At the end of August last, the business had net liabilities which totalled €5.4m.
However, the directors state that "we have a reasonable expectation that the company has adequate resources to continue operations for the upcoming year based on continuing financial support of its group companies and shareholders and budgeted profits for the group in the upcoming year".
The note adds that "based on the directors' plan that the company will return to profitability, we adopt the going concern basis in preparing the financial statements".
The firm, run by Mr Barron and his sons, last year celebrated 40 years in business, with its flagship Grafton Street store opened in 1976.
Today, the brand boasts 21 outlets.