DUBLIN OFF-LICENCE, pub and property group Molloy Holdings racked up a pretax loss on ordinary activities of €7.65 million in the year ended January 31st, 2010.
This compares to a loss of just under €2.3 million in the previous financial year, and was largely due to exceptional items relating from property value impairments.
The family business is owned by chief executive Kevin Molloy. It operates the off-licence chain Molloys Liquor Stores and a number of pubs including the Foxes Covert in Tallaght. It also has property development and investment interests.
The group’s turnover fell from €36.7 million to €26.2 million, but the most significant hit came through its exposure to property. At the year-end, the group had a number of property development projects still in progress.
However, due to the collapse in the market, the directors provided for a fall in value of 50 per cent of one project, and 100 per cent of another.
This resulted in an impairment provision against work-in-progress of €4.9 million. A number of other property assets were also impaired.
During the 2010 financial year, the group employed an average of 129 bar, off-licence and catering staff. This was down from 152 in the previous year. A further 18 people were employed in 2010 in administrative roles. The total wage bill shrank from €4.4 million in the 2009 financial year to €3.6 million.
