Losses at Danielle Ryan firms increase
Losses at companies in the Roads luxury lifestyle brand group owned by entrepreneur and Ryan dynasty heiress Danielle Ryan continued to mount in 2016.
New accounts show that three Roads firms sustained combined losses of over €810,000 in 2016 and this followed combined losses at the Roads group of companies of €1m in 2015.
The businesses were established in 2013 and the accounts showed Ms Ryan has ploughed €3.1m into the businesses through loans and this includes a further €365,902 loan in 2016 "for working capital purposes".
Roads chief executive Ms Ryan is grand-daughter of Ryanair founder Tony Ryan and inherited a good slice of his €250m fortune.
The Roads firms specialise in fragrance, publishing, entertainment and property development. Its website states that the brand is built around the cornerstones of present day culture, free-thinking, story-telling, original design and intelligence.
The accounts filed by parent firm, Ms Ryan's Portico Capital Management Ltd show that Roads Fragrance Ltd incurred losses of €139,521 in 2016 and this followed losses of €292,768 in 2015.
Roads Publishing Ltd recorded losses of €310,033 in 2016 and this followed losses of €484,162 in 2015. Roads Luxury Group in 2016 recorded losses of €364,400.
The value of Roads Luxury's shares in subsidiary, Roads Entertainment Ltd amounted to €254,490 and the company sold its entire shareholding in June 2016 to a third party for £1. Three days prior to the sale on May 29 2016, Roads Entertainment allotted 254,490 ordinary shares of €1 each to Roads Luxury as a means of settling the indebtedness for the same value.
A note attached to the Roads Luxury Group accounts confirm that Ms Ryan has indicated her intention to provide ongoing financial support in order to facilitate the ongoing activities of the company.
The combined shareholder deficit at the Roads Luxury, Roads Publishing and Roads Fragrance firms amounts to €3.4m at the end of 2016. This includes a shareholders' deficit of €1.65m at Roads Fragrance Ltd.