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Vita Cortex group records €3.45m net losses


Jack Ronan, owner of Vita Cortex

Jack Ronan, owner of Vita Cortex

Jack Ronan, owner of Vita Cortex

Jack Ronan's Vita Cortex group recorded net losses of €3.45m in 2012, new figures show.

Returns made by the group's holding firm, Vita Five Five Ltd, show that seven of the group's 14 firms recorded combined losses of €5.91m in the 12 months to the end of April 30, 2012.

Figures show that two firms recorded combined profits of €2.46m with a further four firms recording no profit or loss, resulting in the net combined post-tax loss of €3.4m.

Losses at the group coincided with Vita Five Five subsidiary Vita Cortex being involved in a long-running dispute when workers staged a five-month sit-in at the company's Cork plant in a row over redundancy payments.

Workers ended their sit-in in May 2012 after receiving their redundancy payments and they were subsequently greeted at Aras an Uachtarain by President Michael D Higgins.

The 14 firms had net shareholder funds totalling €3.3m at the end of April 2012, down from the €8.8m in shareholder funds at the end of April 2011. Details of the profits and losses of the Vita Cortex group firms are contained in accounts just lodged by parent firm Vita Five Five to the Companies Office. Accounts show that the accumulated losses at the Co Tipperary parent firm totalled €5.3m at the end of April 2012.

This followed Vita Five Five Ltd recording losses of €237,576 in 2012.

The new accounts for Vita Five Five Ltd confirm that the firm had current liabilities of €55,718 and net liabilities of €5.37m.

According to a note attached to the accounts, "the directors have submitted a business plan to the National Asset Management Agency".

It states: "The business plan includes financial projections and, based on this, NAMA has confirmed in writing its support for implementation of the business plan, which will be reviewed on a regular basis.

"On this basis, the directors believe that the company will have sufficient resources to continue in operational existence. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis."

Irish Independent