Louis Walsh company posts loss of €53,000

X Factor judge Louis Walsh's entertainment firm slipped into the red last year to record a loss of €53,234.

Figures just lodged with the Companies Registration Office by the Kiltimagh man show that Brill Management Ltd recorded the loss last year after more than quadrupling profits in 2011 to €1.26 million.

The returns show that at the end of November 30th, 2012, the firm had accumulated profits of €1.32 million.

The Mayo man has managed some of Ireland's most successful bands – Westlife and Boyzone. Walsh has also overseen Jedward's rise to stardom, and he is currently busy relaunching the career of Shane Filan.

Last series
Walsh (61) is due to feature in the forthcoming X Factor series for a 10th year. In a recent interview, he said the new series would be his last. "I'm happy this is going to be my last year," he said.

The figures show that while Brill Management made a loss last year, the amount the firm paid in rent to Walsh for the company’s premises at Appian Way, Ranelagh, Dublin, increased almost threefold from €136,500 in 2011 to €362,279 last year.

The abridged accounts do not provide a revenue figure or salaries paid.

However, the amount paid in PAYE/PRSI last year more than tripled from €39,903 to €126,120, indicating higher staff costs.

Last year, Walsh admitted in a newspaper interview that he lost about €10 million as a result of the property crash.

Commenting on the six homes he bought, including four in Dublin and one each in London and Miami, Walsh said: “Everything I bought here is worth half of what is was. We were all hyped in the property boom, we were all told it was never going to end.”

Walsh also has a sizeable art collection that includes works by Andy Warhol and David Hockney.