FAI boss John Delaney’s furniture business reports losses

A furniture business owned by FAI Chief Executive John Delaney made a loss for the second year running and is now dependent on his financial support to survive, according to accounts just filed to the Companies Office.

Mr Delaney, who is reportedly paid around €400,000 per annum by the FAI, is a director of Gerfurn Limited, an Athlone-based company in which 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 already incurred losses of €243,572 during the previous year.

The company is currently in negotiations with its bank to restructure its debt, according to its financial statements, and is now dependent on support from Mr Delaney to survive.

“The company’s majority shareholder has confirmed that he is willing to provide financial support to the company for the foreseeable future sufficient to allow the company to continue as a going concern,” the accounts state.

Gerfurn Ltd was set up in 1987 before Mr Delaney became 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 until last month, when he was replaced by Clodagh Kevlin (43) on May 10th.

The furniture business reported accumulated profits of €243,312 and had tangible assets valued at €524,295 on its balance sheet at the end of March 2013.

However, profits tumbled the following year and the company incurred losses of €243,572, while the value of its tangible assets fell by almost 45% to €289,912.

Last year, the business continued to operate at a loss and slipped further into the red as it reported annual losses of €13,583 for the year ending 31 March 2015.

Mr Delaney was formally appointed as Chief Executive of the FAI in March 2005, having previously held the role in an acting capacity since December 2004.

Prior to this, he had been Treasurer of the organisation since 2001. His father, Joe Delaney previously held the same position.