A furniture business owned by FAI Chief Executive John Delaney made a loss for the 2nd year running and is now based on his financial support to make it through, according to accounts simply submitted to the Companies Office.
Mr. Delaney, who is supposedly paid around 400,000 per annum by the FAI, is a director of Gerfurn Limited, an Athlone-based company where he owns two-thirds of the shares.
The firm reported an annual loss of 13,583 in the latest accounts for the year ending March 31st, 2015, having currently incurred losses of 243,572 during the previous year.
The company is presently in settlements with its bank to restructure its financial obligation, according to its financial statements, and is now depending on support from Mr. Delaney to make it through.
The company s majority shareholder has actually verified that he is willing to offer financial backing to the company for the foreseeable future enough to permit the company to continue as a going concern, the accounts state.
Gerfurn Ltd was set up in 1987 prior to Mr. Delaney ended up being a director in July 2000. The remaining one-third of the company’s shares are owned by Gerard Moran (65), who was a director of the firm since its establishment till last month, when he was replaced by Clodagh Kevlin (43) on May 10th.
The furniture business reported accumulated earnings of 243,312 and had tangible possessions valued at 524,295 on its balance sheet at the end of March 2013.
Profits tumbled the following year and the company sustained losses of 243,572, while the value of its concrete assets fell by almost 45% to 289,912.
Last year, business continued to run at a loss and slipped further into the red as it reported yearly losses of 13,583 for the year ending 31 March 2015.
Mr. Delaney was officially designated as Chief Executive of the FAI in March 2005, having actually previously held the role in an acting capacity since December 2004.
Prior to this, he had been Treasurer of the organization since 2001. His daddy, Joe Delaney previously held the exact same position.