THE WEST WOOD fitness centre in Clontarf, north Dublin. Profits at the company behind the chain of gyms dipped almost 7 per cent to €4.1 million last year, according to accounts just filed at the Companies Office, writes Barry O'Halloran.

Returns from Templeville Developments, which owns the West Wood fitness clubs in Dublin, show that turnover fell 18 per cent to €11.6 million last year from €14.1 million in 2008.

Its operations generated profits of €5 million in 2009, 5 per cent less than the €5.25 million that the company reported the previous year.

Profits for the year, after tax, came to €4.1 million, just under 7 per cent shy of the €4.4 million it returned in 2008.

Templeville owns three gyms at Leopardstown Racecourse, Sandymount and Clontarf in Dublin, and controls a company which operates a gym in the Hotel Central in Sarajevo, the capital of Bosnia Herzegovina.

Director Philip Smyth controls the group through a parent company, Leisure Management Corporation.

The accounts show that that company owed Templeville almost €11 million in intergroup loans on the balance-sheet date, December 31st last. Its Sarajevo-based subsidiary owed it €4.6 million.

At the end of the year, the company’s net debt stood at €8.7 million; about €3 million of this was due within the 12 months of the balance-sheet date and the rest was longer term.

Templeville owed most of this to its banks, including Ulster, which held security over its three Dublin premises, and AIB, to which directors had given personal guarantees for sums varying between €60,000 and €1 million. The company paid over €485,000 in interest during 2009.

Its net assets topped €45.7 million at the end of last year.