Profits at Pamela Scott firm rising
Profits at the Pamela Scott ladies fashion brand are growing and will allow it to continue pay back the €2.8m owed to businessman and founder of Pamela Scott Sean Barron.
Accounts just filed by Flairline Fashions Ltd show that the business recorded a modest profit of €4,207 last year excluding exceptional items.
The company recorded a post-tax loss of €1.42m after exceptional costs of €1.43m are taken into account.
According to a note attached to the accounts: "The group's profits are growing which will improve the company's financial position and allow it grow the business and continue repayment of the shareholders loan."
The accounts for the year to the end of August last show that Mr Barron advanced a further €522,490 to the business in 2017 but received €730,000 in repayments.
This resulted in a net decrease in the amount owed to Mr Barron during the year, from €3.06m to €2.86m.
In 2016, the business celebrated 40 years in business as its flagship Grafton Street store opened in 1976.
The brand was in expansion mode last year, adding a number of stores to its portfolio.
It now has a total number of 24, with stores in locations including Dublin, Limerick, Cork, Athlone, Carlow, Castlebar, Clonmel, Gorey, Ennis, Kilkenny, Mullingar, Navan, Newbridge, Sligo, Tralee, Waterford, Letterkenny and Wexford.
Numbers employed by Flairline last year fell from 26 to 23 with staff costs declining from €857,282 to €786,410.
The firm's cash increased from €404,548 to €409,781.