Operating losses at the Dublin record label which launched the Chieftains more than doubled in 2016, its latest accounts filed with the Companies’ Office show.
Claddagh Records was co-founded in Dublin in 1959 by Garech Browne, who died last month, alongside Ivor Browne.
Mr Browne was the great-great-great-grandson of Arthur Guinness, and lived at Luggala, the famous home of the Guinness brewing family in the Wicklow mountains, for much of his life.
He also helped form the Chieftains in 1962, and made the very first recording of the now world-famous traditional group.
The accounts for Claddagh for the year ended December 31st, 2016, show operating losses doubled from €10,244 to €22,319 during the year.
The overall loss after tax for the financial year was €28,726, which was down from €134,156 in 2015. However, the extent of the losses in 2015 can be attributed to an “exceptional item” of €115,254
Turnover for the year was up from €439,572 in 2015 to €446,958 the following year. The cost of sales was €188,089, up from €185,462.
Gross profit was up slightly from €254,110 to 258,869. The company said it “continues to trade in difficult conditions”.
As well as the Chieftains and a number of other traditional Irish musicians, Claddagh made records with poets such as Patrick Kavanagh, Austin Clarke, John Montague and Seamus Heaney.
The label also recorded major Scottish poets such as Hugh Mac Diarmid, Sorley MacLean and George MacKay Browne.
