Blarney Woollen Mills group continued to experience financial pressures through 2013

The Blarney Woollen Mills group continued to experience financial pressures through 2013, with the group being in breach of financial convenants with its funders and loans being serviced on an interest-only basis.

However, accounts recently filed by three group companies state that its backers have granted permission for continuing on an interest- only basis.

The Blarney Woollen Mills Group does not publish accounts, but accounts filed by subsidiaries noted the group had net liabilities of €10 million at the end of January 2014.

Accounts for Meadows & Byrne Malahide Road Ltd reported a loss of €358,870 for the year to the end of January 2014. This was an improvement on the €428,050 loss of the year before.

The company is owned by Blarney Investments Ltd and is ultimately owned by The Blarney Woollen Mills Group. The same company also owns two other subsidiaries in the group.

Bunratty Shopping Village Ltd reported a pretax loss of €424,031 on a turnover of €4.27 million. The previous year the company reported a loss of €5.5 million, with this including an exceptional item of €5.4 million.

Irish Conference and Leisure Holdings Ltd reported a pretax loss of €2.38 million that included an exceptional item of €2.36 million.

The group has over the course of the downturn already closed two premises in Dublin, including its outlet on Nassau Street.