Profits at designer Paul Costelloe’s firm triple in two years

Profits at the company owned by designer Paul Costelloe have almost tripled over the past two years, the firm's accounts show. According to accounts filed with the Companies Office by Paul Costelloe Design Management, the firm made €549,455 for the year ended August 31st, 2016, which was up 43 per cent from €312,806 the previous year.

In the 12 months to the end of August 2014, the company recorded profits of €185,146.

Over the two-year period, there was a sharp increase in the firm’s cash reserves, which quadrupled from €198,265 in 2014 to €833,394 for the year ended August 31st, 2016. The cash reserves stood at €441,201 in 2015.

Following the steep rise in profits, the company increased the pay of its three directors – Mr Costelloe, his wife Anne Costelloe, and the company's accountant Gerald Mescal – from €456,264 in 2015 to €609,676 last year.

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The figures show this was the second successive year that pay was increased sharply, with directors earning €258,712 in 2014.

The Co Meath-registered firm paid out €666,323 to four members of staff last year, with two engaged in management and two in advertising and promotion. This was up from €513,469 for the same period in the previous year.

The company paid corporation tax of €63,733, which was up from €56,196 the year before.

A sum of €19,700 was payable to Mr Costelloe during the year for the use of his premises for design purposes. In addition, Mr Mescal was paid €91,802 in respect of financial consultancy, accounting, management and office services rendered.

Mr Costelloe, who is aged 72, has been a staple of the Irish fashion industry for decades. The Paul Costelloe brand is family owned and run through the designer’s headquarters in the heart of London’s fashion district. Mr Costelloe maintains his position as head designer across all areas of the brand.

From 1982-1997, Mr Costelloe was personal designer to Princess Diana, while in 1992 he designed the landmark British Airways global uniform, which would continue to be used for a record 12 years. In 2004, he designed the Irish Olympic team uniform for the Summer Olympic Games in Athens, Greece.

Other career highlights include designing uniforms for the wives of the European Ryder Cup Team from 2006-2011, before becoming a major event designer for British equestrian champion Zara Phillips, who is also a granddaughter of Queen Elizabeth II.

More recently, Mr Costelloe has partnered with Dunnes Stores to upgrade its fashion and homeware sections.